The document outlines the new product development process, which involves bringing a product to market through stages such as idea generation, screening, concept testing, and commercialization. Key steps include evaluating ideas, obtaining customer feedback, analyzing profitability, and conducting test marketing before a full launch. Successful commercialization depends on positive customer response and strategic market analysis.

1. NEW PRODUCT DEVELOPMENT PROCESS
Presented by Swanand Khajurkar

2. Meaning
 New Product Development process is nothing but a process of
bringing a new product to market place
 There are two terms , Invention & Innovation ,
Invention Innovation

3. New Product Development process
Idea Generation Idea Screening
Concept Develop &
Testing
Marketing
Strategy
Business Analysis
Product
DevelopmentTest MarketingCommercialization

4. Idea Generation
Internal
sources
R & D
Employees
External
Sources
Customer
Competitors
Suppliers
Distrubutors

5. Idea Screening
After generalizing Various
ideas, Identify Good ideas &
Drop Poor Ideas
Think about is it real, Can
we win , it is Worth doing
Etc.

6. Concept Develop & Testing
 Take a group a customers, ask them to use the product & get Feedback.
 If they liked the product, go for it
If they give any suggestions, consider those points reframe it & make Changes as per their need & Wants

7. Marketing Strategy
Understand the customers
Analyze the market
Analyze the Competitors
Analyze R & D Channel
Marketing Mix

8. Business Analysis
 Annalise whether the product is profitable or
not
 Whether we are on Right track ?
 we will achieve the desired objective or not ?

9. Product Development
 Here you are going to manufacture your actual product
 Physical Shape to the Product
 you Are ready with your product

10. Test Marketing
 Marketers do not Directly launch the product on large scale, because
competitors may take advantages
 First they distribute only in the target market or in particular segments
 Then analyze whether customers are purchasing or not ?
 Are we getting good response ?

11. Commercialization
 If response is good, then produce your product in bulk quantity & launch
the product on large scale
 And Decide,
Where
How