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00:00 Starting
00:20 Idea generation
01:01 Idea screening
01:48 Concept testing
02:43 Business analysis
03:40 Product development
04:39 Test marketing
05:24 Commercialization
Stages of new product development
1.) Idea generation
2.) Idea screening
3.) Concept testing
4.) Business analysis
5.) Product development
6.) Test marketing
7.) Commercialization
1.) Idea generation
It is the first step in the new product development process. A new idea can be generated by an individual or by a group of people. This new idea can be more than one but has to choose what is best.
2.) Idea screening
The product idea should be studied and investigated properly before introducing it into the market. If there are numbers of ideas then rank them in ascending order according to their importance.
3.) Concept testing
In this step, concept testing of the selected idea is done. The company select a random group of people for testing. Now the new product idea discusses with this group of people, and they are asked to share their liking and disliking.
4.) Business analysis
In this step of development company makes a depth study. Here the company study that whether the product is financially viable or not. The company analyzed the Product demand, cost, competitiveness, profitability, expected sales, etc.
5.) Product development
At this stage, the actual manufacture of a new product takes place. Its other aspects like financing, marketing, and distribution, and promotion begins.
6.) Test marketing
It means to introduce the product on a small scale, to judge that how customers react to the product. Whether they purchase it or not. If the test becomes successful then production starts on a large scale.
7.) Commercialization
As we discussed in the earlier step that if the product gets successful in the test marketing, then the company started its production on large scale. The company makes a large investment in the production of the product, distribution, marketing, etc.