A company must adopt strong product planning & set up a systematic , customer driven new product development process.
In this development process, it has eight major steps.
1. Idea generation: Development starts with idea general. It is a systematic search for new producr ideas. This ideas include inrernal & external sources like as customers, competitors, distributors, suppliers & many others.
🔥Internal idea sources: Companies can collect ideas through research & development.
🔥External idea sources: Companies can collect ideas from many external sources. For example: distributors & suppliers can give ideas, it can collect ideas from competitors,why customers buy competitors product, analyze their sales & take decision about their new product.
2. Idea screening: It is the way to spot good ideas & drop poor ones as soon as possible. It select only one idea among large ideas.
3. Concept development & testing: Product concept helps to distinguish between a product idea, concept & product image. A company can see itself offerings in the market. A product concept is a detailed version of this idea & product image is the actual or potential product that consumers perceive.
🔥Concept testing: To find out the attractiveness of the new product,marketers test the concept with a target group of consumers.
4. Marketing strategy development: New product needs to adopt an intial marketing strategy based in the product concept. It has three parts. Such as-
🔥Describe the target market,value proposition, present market share, sales & profit for the first few years.
🔥Product's planned price, distribution & marketing budget for the first year.
🔥Long run sales, profit goals & marketing mix strategy.
5. Business analysis: Total review over the sales,costs & profits for a new product to find its attractiveness to satisfy the company's objectives.
6. Product development: After passing the previous steps, new -product moves into product development. Through R&D , marketers develop the product concept into physical product. Its develop, add new feature ,design, quality to satisfy the target customers.
7. Test marketing: After passing the concept test & product test , the next step is test marketing. This is way of introducing the new product in the realistic market. Test marketing is needed for analysing the new product attractiveness in the market whether it can cover up the cost or not.
8. Commercialization: It is the full introduction of a new product in the target markets. Here,test marketing helps the marketers to take their decision about launching the product. Introducing a new product in the market will face high costs. Marketers choose a perfect time to launch the product & also select a single location, region, national market & the international market for launching the product.
This all the new product development process.
In this development process, it has eight major steps.
1. Idea generation: Development starts with idea general. It is a systematic search for new producr ideas. This ideas include inrernal & external sources like as customers, competitors, distributors, suppliers & many others.
🔥Internal idea sources: Companies can collect ideas through research & development.
🔥External idea sources: Companies can collect ideas from many external sources. For example: distributors & suppliers can give ideas, it can collect ideas from competitors,why customers buy competitors product, analyze their sales & take decision about their new product.
2. Idea screening: It is the way to spot good ideas & drop poor ones as soon as possible. It select only one idea among large ideas.
3. Concept development & testing: Product concept helps to distinguish between a product idea, concept & product image. A company can see itself offerings in the market. A product concept is a detailed version of this idea & product image is the actual or potential product that consumers perceive.
🔥Concept testing: To find out the attractiveness of the new product,marketers test the concept with a target group of consumers.
4. Marketing strategy development: New product needs to adopt an intial marketing strategy based in the product concept. It has three parts. Such as-
🔥Describe the target market,value proposition, present market share, sales & profit for the first few years.
🔥Product's planned price, distribution & marketing budget for the first year.
🔥Long run sales, profit goals & marketing mix strategy.
5. Business analysis: Total review over the sales,costs & profits for a new product to find its attractiveness to satisfy the company's objectives.
6. Product development: After passing the previous steps, new -product moves into product development. Through R&D , marketers develop the product concept into physical product. Its develop, add new feature ,design, quality to satisfy the target customers.
7. Test marketing: After passing the concept test & product test , the next step is test marketing. This is way of introducing the new product in the realistic market. Test marketing is needed for analysing the new product attractiveness in the market whether it can cover up the cost or not.
8. Commercialization: It is the full introduction of a new product in the target markets. Here,test marketing helps the marketers to take their decision about launching the product. Introducing a new product in the market will face high costs. Marketers choose a perfect time to launch the product & also select a single location, region, national market & the international market for launching the product.
This all the new product development process.
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