The New Product Development Process can be explained with following 8 steps –
|Is the idea worth considering?|
|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?|
Will this product meet our profit goals?
Have we developed technically & commercially sound product?
|Have Product sales met expectations?|
|Are product slaes meeting expectations?|