A New Product Development Process is useful for articulating your innovative offering with as much clarity as possible to help avoid common mistakes made by start-ups when launching their products for the first time.
Key to this process is keeping as close to customer as possible to avoid insignificant differentiation points, incomplete market and product definitions, and inadequate market attractiveness due to poor market research and follow-through. Several different sources are required to generate input for developing a new product and they are: customers, competitors, suppliers, employees, other industries.
The stages that should be covered with regards to the development of the proposed new product are:
New product strategy development
Idea generation
Screening and evaluation
Business analysis
Development
Market testing
Commercialization
The purpose of such a process is to identify new niches, develop concepts for possible products, inexpensively separate good ideas from bad ones, identify key product features and make reliable projections, allow for some kind of market testing on a limited scale, and lastly to position the offering in the most attractive manner possible.
Essentially, a product development plan is what ultimately shapes your marketing, technical, financial and operational decisions with regards to your offering. More useful information can be found at https://marketing-insider.eu/new-product-development-process/
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