New product development process

Meaning
Terms
Invention
Innovation
Examples
New product strategy
Idea generation
Idea screening
Concept development
Marketing strategy
Business analysis
Product development
Test marketing
Commercialization
MCQ

1. New product development process Sonu H J 1st M.com Under the GuidAnce Of Sundar B N Asst.prof.&couRse Co-ordinator Post-GRaduAtion StudIes In commerce G.f.g.c.w.HolenaraSipura

2. Meaning : New product development process is nothing but a process of Bringing a new product to market place. Terms : Invention Innovetion

3. Example . Telephone. Mobile Phone

4. Product development process

5. 1. Ided Generation : The fisrt stage in the product development process is idea Generation. In this stage the company comes up with many different and unique ideas based on both internal and external sources. 2. Idea screening : After generalising various ideas identify good ideas and drop poor ideas. Think about is it real,we win it is worth doing etc…

6. 3 . Concept development : The 3 rd setp of the product development process is concept development and testing. In this stage the good product ideas must be developed into detailed product concept that are conveyed is consumer oriented terms. 4. Marketting strategy : understand the customer Analysis the market / competition Marketing mix Financial analysis

7. 5. Business analysis : Analyse whether the product profitable or Not,Whether we are on right track? We will achieve the desired objectives or Not? 6. Product development : Here you are going to manufacture your actually product Physical shape to the product And you are ready with your product.

8. 7. Test marketing : Marketing do not directly launch the product on latge scale business competitors may take advantage of it First they distribut only in the target market or in particular segments Then analyse whether customer are purchasing or Not? Are we getting good respons. 8.Commercialization : It response is good them produse your product in bulk quantity and launch the product on large scale When,where,whom,How.

9. 1.What is the first step in the new product development A. concept development B. Idea Generation C. product development D. Marketing strategy 2. Type of inernal sources A. Customer B. Suppliers C. Competitors D. Employees

10. Reference : https://youtu.be/K1TwNKAv0BM