Stages In New Product And Service Development

- BY MAUSUMI MOHANTA

Successful new-product development

goes through a lot of stages before

reaching the market.

8 Stages

Of New Product Development

Idea Generation

New-product Ideas Come From

- Interacting With Various Groups

- Using Creativity Generation Techniques

• Encouraging Interaction With

-Customers -Employees -Others

The Open Innovation Movement

Techniques For Simulating Creativity :

• Attribute Listing • New Contexts • Mind Mapping • Forced Relationships • Morphological Analysis • Reverse Assumption Analysis

Idea Screening

Idea Screening Used To Avoid DROP-error

-Dismissing a good idea - Continuing with a poor idea

Ideas Are Reviewed Against A Set Of Criteria

Concept Development And Testing

What Is A Product Concept ?

An Elaborated Version Of the Idea Expressed In Consumer Terms

Concept Testing :

Presenting The Product Concept, Symbolically Or Physically, to Target Consumers And Getting Their Reactions.

Marketing Strategy Development

Three-part Strategy Plan :

• Describe the target market-size, Structure, and Behaviour

• The Planned Product Positioning and Marketing Budget

• The long-run sales, profit goals and marketing-mix strategy

Business Analysis

Before development stage,

the Proposal’s Business Attractiveness

needs to be verified by

- Estimating Total sales

- Estimating Costs

And Profits

Product Development

Till now the product existed as a Word

Description, now it is brought to life.

Quality Function Deployment :

QFD, a set of methods that help translate target Customers requirements into working prototypes.

Market Testing

Product is now ready to branded with

A name, Logo, and Packaging, then

launched in the market.

*Consumer-Goods Market Testing

*Business-Goods Market Testing

Commercialization

Final Stage –

Process or/Cycle of introducing the new product to market

1 • Idea Generation

2 • Idea Screening

3 • Concept Development

4 • Marketing Strategy Development

5 • Business Analysis

6 • Product Development

7 • Market Testing

8 • Commercialization

8 Stages Of Product Development

Thank You !!