NEW PRODUCT DEVELOPMENT PROCESS

PRESENTED
BY
PRIYA PATEL – HR
PREETI RAMVANI – FM
ZEEL HIRPARA – FM
PARI Patel - FM
“ TURN
IDEAS

INTO
”
REALITY
 TABLE OF CONTENTS
STAGES OF DEVELOPING A NEW PRODUCT
 STAGE-1
IDEA GENERATION

 Ideas that are unique and meet with consumers needs form the spine of the new
product.

 It is the most important step in developing any new product ,and they arise from
market opportunities that can be innumerable.

 This stage suggest creating a large pool of ideas from both internal and external
sources.
 STAGE-2
IDEA SCREENING

This stage involves the evaluation COMPATABILITY

of the pool of innovative ideas
and discarding the lesser CONSTRAINTS

This is done by ASSUMPTIONS

Defining and evaluating the

RELEVANCE
ideas based on the following
elements: FEASIBILITY

RISKS

VALUE
 STAGE-3
CONCEPT DEVELOPMENT AND TESTING

 An idea is just an imaginative

construction of a business possibility or
and opportunity but a concept is an
idea that has passed through the
process of fine tuning and is not as
inconsistent.
 The concept is a prepared version of the
product idea which takes into
consideration the following points :
 STAGE- 4
MARKETING STRATERGY DEVELOPMENT

 Once a concept is finalized , the next step involves generating a marketing strategy for
the new product which is , divided into three parts :
 STAGE- 5
BUSINESS ANALYSIS

 The next step after the product and its marketing strategy is finalized is the evaluation
of the product as a business by reviewing the following points :

The analysis is then compared with the firm’s goals and the product is
sent for production if the above stated factors satisfy the objectives.
 STAGE- 6
PRODUCT DEVELOPMENT

 The product up to this stage only existed as a word

description, a drawing or a prototype.

 After business analysis clarifies the product, the research

and development department takes over for actual product
development. Here the product may take days, weeks or
even months to develop the final product as it goes through
a sequence of testing phases (alpha testing and beta testing)
to verify all the assumptions.
Alpha testing is examining the product inside the firm to ensure it meets the set
standards.

Beta testing means launching a Minimum Viable Product [MVP] or a test version in the
market to verify the product-market fit.

Nevertheless, it doesn't include testing the final end product or marketing strategy.
 STAGE- 7
TEST MARKETING
 STAGE- 8
COMMERCIALIZATION

 Test marketing stage provides the management with the data needed
to make the final decision of launch about the product .

 After the final decision of the product to be launched in the market is

made, it goes into the ultimate stage of commercialization and is
manufactured in the required quantity.

This stage involves the highest
cost as:
 Manufacturing units are rented or
purchased.
 Advertising and communication
campaigns are administered Sales
promotion and other marketing efforts
are executed to develop
an initial demand.
Various important decisions are made
during the commercialization stage
such as:
 Introduction time: What is the best time
to launch the product?
 Introduction place: Should the product
be launched in a single market or
simultaneously in multiple markets?
 Future strategies: What should be the
strategies that would be taken once the
product is launched in the market?
REFERENCES FOR PRESENTATION
• www.forbes.com
• www.marketing91.com
• www.roshnishettyyt.com
• www.learniteasyyt.com
THANK YOU