There are 8 Development process of New Product, which are Idea generation, Idea Screening, Concept development and testing, Marketing strategy, Business analysis, Product development, Test marketing and Commercialization.
• systematic search for new product ideas
• What are the main sources of new product ideas?
– internal sources
•employees, R & D
– distributors (resellers) and suppliers
– secondary sources
•publications, market research firms, inventors etc
•spot good ideas and drop poor ideas
– does it fit with our company objectives and mission?
– do we have the capability (resources and expertise)?
– can we distribute the product (channel overlap)?
3. Marketing strategy
•Who will be our target market?
•What is our planned positioning?
•Marketing mix – price, promotion, distribution?
•What are our sales, profits and market share goals?
•A review of sales, costs and profit projections – forecasting and estimates.
•Do these meet our company objectives?
•developing the product concept into a physical product
•functional testing of prototypes
– does it do what it is supposed to do?
– level of performance
•product use testing
•patenting your new product
– Big ideas network
– Patenting your idea
•The product and the other elements of the marketing mix (price, promotion and distribution) are tested in a more realistic market setting
•What makes a good test market?
•Introducing the product into the market
– the launch