New Product Development (NPD): Process
· Idea Generation: Idea for new products can be obtained from basic research using Strengths, Weakness, Opportunities and Threats (SWOT). Use focus groups, corporate spies, and ethnography (searching for user patterns and habits).
· Idea Screening: Eliminate unsound concepts prior to devoting resources. Will the customer in the target market benefit?
· Concept Development and Testing: Investigate intellectual property issues, who is the target market, and who is the decision maker in purchasing process?
· Business Analysis: Estimate likely selling price based on competition, estimate sales volume based on size of market and such tools, estimate profitability and break-even point.
· Beta Testing and Market Testing: Produce a physical mock up, test the product and packaging in typical usage.
· Technical Info: New program initiation, resource estimation, department scheduling, logistics plan, and resource publication.
· Commercialization: Launch product, produce and place different advertisements and promotions, and critical path analysis.
· New Product Pricing: Impact of a new product on the portfolio, value analysis, and product costs both fixed and variable.
Information from enwikipedia.org/New_Product_Development
· Idea Screening: Eliminate unsound concepts prior to devoting resources. Will the customer in the target market benefit?
· Concept Development and Testing: Investigate intellectual property issues, who is the target market, and who is the decision maker in purchasing process?
· Business Analysis: Estimate likely selling price based on competition, estimate sales volume based on size of market and such tools, estimate profitability and break-even point.
· Beta Testing and Market Testing: Produce a physical mock up, test the product and packaging in typical usage.
· Technical Info: New program initiation, resource estimation, department scheduling, logistics plan, and resource publication.
· Commercialization: Launch product, produce and place different advertisements and promotions, and critical path analysis.
· New Product Pricing: Impact of a new product on the portfolio, value analysis, and product costs both fixed and variable.
Information from enwikipedia.org/New_Product_Development