NEW PRODUCT DEVELOPMENT

1. NEW PRODUCT DEVELOPMENT
1. IDEA GENERATION
2. IDEA SCREENING
3. CONCEPT DEVELOPMENT AND TESTING
4. MARKETING STRATEGY AND BUSINESS ANALYSIS
5. PRODUCT DEVELOPMENT
6. TEST MARKETING
7. PRODUCT LAUNCH

2. NEW PRODUCT DEVELOPMENT PROCESS

3. IDEA GENERATION
 Conducting market analysis
• Working with product marketing and sales to
check if your product's value is being positioned
correctly
• Collecting user feedback with interviews, focus
groups, surveys, and data analytics
• Running user tests to see how people are using
your product and identify gaps and room for
improvement

4. IDEA SCREENING
 The idea screening stage is best carried out
within the company.
 Experts from different teams can help you
check aspects such as the technical
requirements, resources needed, and
marketability of your idea.

5. CONCEPT DEVELOPMENT AND TESTING
 Once you’ve developed your concepts, test each of
them with a select group of consumers.
 Concept testing is a great way to validate product
ideas with users before investing time and resources
into building them.

6. MARKETING STRATEGY AND BUSINESS ANALYSIS
• The marketing strategy serves to guide the positioning,
pricing, and promotion of your new product. Once the
marketing strategy is planned, product management can
evaluate the business attractiveness of the product idea.
• The business analysis comprises a review of the sales
forecasts, expected costs, and profit projections. If they
satisfy the company’s objectives, the product can move to the
product development stage

7. PRODUCT DEVELOPMENT
 The product development stage consists of
developing the product concept into a finished,
marketable product.
 Your product development process and the stages
you’ll go through will depend on your company’s
preference for development

8. TEST MARKETING
 Test marketing involves releasing the finished product to
a sample market to evaluate its performance under the
predetermined marketing strategy.
 There are two testing methods you can employ:
• Alpha testing is software testing used to identify bugs
before releasing the product to the public
• Beta testing is an opportunity for actual users to use
the product and give their feedback about it

9. PRODUCT LAUNCH
• Customers: Understand who will be making the final purchasing
decisions and why they will be purchasing your product. Create
buyer personas and identify their roles, objectives, and pain points.
• Value proposition: Identify what makes you different from the competition
and why people should choose to buy your product
• Messaging: Determine how you will communicate your product’s value to
potential customers
• Channels: Pick the right marketing channels to promote your products, such
as email marketing, social media, SEO, and more

10. Group Members
1. NIKHIL KUMAR SINGH(22MBL10015)
2. AMRESH KUMAR PANDEY(22MBL10016)
3. SAURAV RAJPUT(22MBL10021)
4. RAJAT YADAV(22MBL10083)