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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?
   

 

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