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Sunday, May 12, 2013

New Product Development


New Product Development

New Product Development or NPD is the term used to describe the complete process of bringing a new product or service to the market.

The New Product Development Process Involves

  1. Idea Generation
  2. Idea Screening
  3. Concept Development & Testing
  4. Business Analysis
  5. Beta Testing
  6. Technical Implementation
  7. Commercialization
Product development portfolio

Idea Generation:

This Involves SWOT Analysis, SWOT stands for

S - Strength
W - Weakness
O - Opportunitie
T - Threat

Concept Development &Testing:

In this stage, Marketing and Engineering details needs to be developed.