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- Product Idea Brainstorming-The First major step in the process of a newproductdevelopmentis to generate idea for the product.Analyze yourindustrytype thatwhetherthe areas identified are good enough for the products or not.
- Evaluate the ideas-Create a list of product ideas and share it with the appropriate decision-makers in the company such as managementsection. Lookforward to the pros and cons of the idea and extract the best among them.
- Market Evaluation-Seek feedback from customers, employees and partners on which idea is moat appealing.
- Analysis-Go for analyzing the product from business perspectives. Determine the demand for the product and estimate all costs affiliated with the product.
- Prototype and Marketing-Create a sample of the product and share it among thetargetedaudiences and track their feedback. Analyze it and then usethosetracks for developing the marketing strategy.
- Market Testing-Bring innovations in the sample created for the product as per the requirement of the audience group members taste and preferences.Do a small product release session in selected areas. A small launch will help you in determining needs prior to theofficiallaunch of the product.
- Prepare for launch-On thebasisof market testing, evaluate how many products are to beproducedbased on the market testing and demand for the product.
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What are the steps in a new product planning?
There are seven stages in NP planning process; 1. Customer need analysis 2. Idea generation 3. Screening and evaluation 4. Business analysis 5. Product/ Marketing strategy development 6. Testing 7. Commercialisation
What are the seven phases of new product development?
1. Idea generation Identify product ideas that will provide important customer benefits compatible with company mission. 2. Product concept Expand product ideas into more complete product development concepts and estimate the potential commercial success of and screening product concepts. 3. Marketing strategy Develop preliminary plan for target markets, pricing, distribution, development and promotion. 4. Business analysis Estimate potential for profit. What is the potential demand, what expenditures will be required, and what is the cost of marketing the product? 5. Technical development Design the product and the manufacturing-and-production process. 6. Test marketing Develop evidence of potential success in the real market. 7. Commercialization Implement full-scale marketing plan.
Seven phases to new product development?
The Seven Phases of New Product Development: 1. Idea Generation-looking for product ideas that will help a firm to achieve its objectives. 2. Screening-a firm's managers consider whether the organization has personnel with the expertise to develop and market the proposed product. 3. Concept Testing-product idea is presented to a small sample of potential buyers through a written or oral description to determine their attitudes and initial buying intentions regarding the product. 4. Business Analysis-provides tentative ideas about a potential product's financial performance, including probable profitability. The firm considers how the new product would affect the firm's sales, costs, and profits if it were introduced. 5. Product Development-the company must find out if it is technically feasible to produce the product and then if the product can be made at costs low enough to justify a reasonable price. It is then transformed into a prototype. 6. Test Marketing-the limited introduction of a product in several towns or cities chosen to be representative of the intended target market. Its aim is to determine buyers' probable reactions. 7. Commercialization-plans for full‐scale manufacturing and marketing must be refined and completed, and budgets for the project must be prepared.
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1. Idea generation Identify product ideas that will provide important customer benefits compatible with company mission. 2. Product concept Expand product ideas into more complete product development concepts and estimate the potential commercial success of and screening product concepts. 3. Marketing strategy Develop preliminary plan for target markets, pricing, distribution, development and promotion. 4. Business analysis Estimate potential for profit. What is the potential demand, what expenditures will be required, and what is the cost of marketing the product? 5. Technical development Design the product and the manufacturing-and-production process. 6. Test marketing Develop evidence of potential success in the real market. 7. Commercialization Implement full-scale marketing plan.
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