The New Product Development Process can be explained with following 8 steps –

    Idea Generation

    Is the idea worth considering?

    Idea Screening

    Is the product idea compatible with co. objectives?

    Concept Development and Testing

    Can we find a Good concept for a product that consumers say they would try?

    Marketing Strategy Development

    Can we find a cost effective, affordable marketing strategy?

    Business Analysis

    Will this product meet our profit goals?

    Product Development

    Have we developed technically & commercially sound product?

    Market Testing

    Have Product sales met expectations?

    Commercialization

    Are product slaes meeting expectations?