The process of new product development is very crucial in the success of any organization, since it determines the volumes of sales and competitive advantage. Innovative ideas and creativity is required in each stage of product development, right from idea generation till the marketing of the product. Common stages in the development of a new product are given below.
- Idea formation
- Validation and Screening of ideas
- Developing and testing the concept
- Marketing Strategy Formulation
- Business Analysis
- Core Product Development
- Test Marketing and
All these stages in new product development must be pre analyzed to ensure whether target market needs and wants are met. Careful planning in each stage is essential since it can affect product sales and also the reputation and image of the new product.