Although developing a new product can be a great investment for any company, it is important to understand the various steps involved so as to make the process successful.
The development of a new product will start with idea generation. A company can generate product ideas from the various source available to it. There is the internal idea sources where he company generates new ideas internally. Apart from the internal sources, the company may get new product ideas externally from distributors and suppliers as well as customers.
After they have gathered several ideas, the next step is idea screening. Here, screening takes place to get rid of unsuitable ideas as soon as possible. As a result the number of ideas that were generated in the first step will be reduced in order to cut the costs of product development and only retain a small number of good ideas. The unsuitable ideas will be eliminated based on things like affordability, market potential and ROI.
The third stage in new product development process is concept development and testing. The idea is then explained in a concept that is meaningful for consumers to comprehend. The idea …