Major Stages of New Product Development - Special Academic Support

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The process of new product development has eight major stages and starts from idea generation. It involves a systematic search for ideas about new products, which is carried out mainly on the basis of internal sources of the organization.

Then comes the idea screening: an analysis of all the ideas put forward about a new product in order to weed out the unpromising ones at the earliest stage of development. As a result, the company may choose ideas what kind of product it can offer to the market.

At the stage of concept development and testing, organization transforms the idea of a new product into a product concept. The company tests it on a group of target consumers in order to determine the degree of its attractiveness.

When formulating a marketing strategy, the company determines a strategy for entering the market with a new product.

At the stage of business analysis, the company evaluates for a new product the estimated values of sales, costs and profits for their compliance with the goals of the organization.

This is followed by the offer development: the transformation of the concept of a new product into a tangible product. The purpose of this stage allows the organization to make sure that the idea of the product can be brought to a working sample.

One of the final stages of creating a new product is market testing. At this stage, the company checks the product and marketing program in real market conditions.

The final stage is introduction, during which a full-scale release and implementation of a new product takes place in the selected market. When developing a new product, the manufacturer must develop a detailed operational plan for marketing activities.

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