New Product Development Process in 8 Simple Steps

The New Product Development (NPD) process can be divided into three (3) phases:

  1. Discovery - Determine the potential needs and wants of the target market

  2. Development - Create and test the output

  3. Commercialization - Take the shippable product to market

They can further be broken down into these eight (8) steps :

  1. Idea Generation

  2. Idea Screening

  3. Concept Development and Testing

  4. Business Analysis

  5. Prototyping and Marketing Testing

  6. Product Development

  7. Launch or Commercialization

  8. Post-Launch Review and Evaluation

Here are the key activities under the Product Development process:

  • Product Requirements

  • Concept Development

  • Proof of Concept

  • Alpha Development

  • Prototypes

  • Beta Development

  • Pre-Production Units

  • Readiness and Documentation

"There's a way to do it better - find it." -- Thomas Edison

References:

#NPD #NewProductDevelopment #NewMarketEntry #NewProductLaunch #NewProductDevelopmentProcessSteps #Idea #Innovation #Startup

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