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New Product Development

New Product Development

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Published by luvkush1

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Published by: luvkush1 on Jun 30, 2010
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05/12/2014

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New Product Development (NPD)

Improving and updating product lines is crucial for the success for any organisation.
Failure for an organisation to change could result in a decline in sales and with
competitors racing ahead. The process of NPD is crucial within an organisation. Products
go through the stages of their lifecycle and will eventually have to be replaced There are
eight stages of new product development. These stages will be discussed briefly below:

Stage 1: Idea generation
New product ideas have to come from somewhere. But where do organisations get their
ideas for NPD? Some sources include:

• Within the company i.e. employees
• Competitors.
• Customers
• Distributors, Supplies and others.

Stage 2: Idea Screening

This process involves shifting through the ideas generated above and selecting ones
which are feasible and workable to develop. Pursing non feasible ideas can clearly be
costly for the company.

Stage 3: Concept Development and
Testing

The organisation may have come across what they believe to be a feasible idea, however,
the idea needs to be taken to the target audience. What do they think about the idea? Will
it be practical and feasible? Will it offer the benefit that the organisation hopes it will? or
have they overlooked certain issues? Note the idea and concept is taken to the target
audience not a working prototype at this stage.

Stage 4: Marketing Strategy and
Development

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