When you hear the #success story for some great businesses, the journey to a great product rarely resembles a straight line. These #inspirational stories do not give an end-to-end blueprint for product development on their own. However, the commonalities they share highlight some of the #stages entrepreneurs routinely take on the path to develop a successful selling product. It is where the new product development process comes into the picture. The new product development is bringing an original product idea to the market. It helps companies analyze the diverse aspects of launching new products & bringing them to market. Check out the carousel below to learn more about the new product development process & its advantages. #development #productdevelopment #business #entrepreneurs Find the complete read here: https://marutitech.com/guide-to-new-product-development-process/

1. 8-Step Guide To New
Product Development
Process (NPD)
Swipe right to read more about it

2. What is the Product
Development Process?
The product development process
refers to all the steps & rules required
to take a product from a concept to
market availability.
It includes identifying the market
needs, conceptualizing a solution,
researching a competitive
landscape, product development
lifecycle, collecting feedback, etc.

3. 8 Stages of Product
Development Process
Idea Generation :
It is the stage where the target market,
target customer, & target audience are
recognized.
Research :
Product validation in the NPD process
ensures that you’re creating a product for
which people will pay, & it won’t waste your
time, effort, & money.

4. Planning :
As new product development processes
can quickly become a mess, it is essential
to plan your idea & production before
building your prototyping.
Prototype :
The primary goal of the prototyping phase
during the product development process is
to create a finished product to use as a
sample of mass production.
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5. Sourcing :
After you finish creating the perfect
prototype of your product, now it’s time to
gather the materials & sources you will
need for production.
Costing :
Costing is a business analysis process. You
gather all the information of your
development to identify the retail price &
gross margin during the NPD process.

6. Marketing Testing :
This step of the NPD process aims to reduce
the uncertainty present in the software
product created until now.
Commercialization :
During commercialization, the team
realizes everything they require to bring the
final product to the market, including the
sales and marketing plans.

7. Benefits of New
Product Development
Process for Businesses
• Save Money
• Innovation & Idea Generation
• Strengthen & Formalize the Concept
Development Process
• Concept Testing
• Marketing Strategy

8. INSIGHTFUL,
RIGHT?
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