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- Date Submitted: 07/16/2015 09:22 PM
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Product Development Process
System of defined steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product. It is a cycle by means of which an innovative firm routinely converts ideas into commercially viable goods or services.
The overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product.
Innovative new products are the fuel for the most powerful growth engine you can connect to. You can grow without new products--AT&T sold essentially the same telephones for decades while becoming the world's largest telecommunications concern--but most small companies will find it difficult to grow at all, much less rapidly, without a constant stream of new products that meet customer needs.
What is new product development (NPD)?
To create the next product in a company’s product line a design team goes through product development process steps. Starting with a product idea, the team moves through several stages to generate all the details and documents needed to get the product built. A NEW product development (NPD) process goes through the same steps, however as this product has not been developed by the team before, new risks and uncertainties are introduced and often additional information is documented and shared with manufacturing.
Basic new product development steps
There are five basic steps in a new product development process: Concept, Ideation, Design, Test and Release.
1. Concept — the concept step sets basic direction and boundaries for the entire development process by clarifying the type of product, the problem the product solves and the financial and technical goals to be achieved by the product.
2. Ideation — during the ideation step the team brainstorms to discover some of the many ways a product can solve the problem and meet internal goals. Ideas are evaluated and...
System of defined steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product. It is a cycle by means of which an innovative firm routinely converts ideas into commercially viable goods or services.
The overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product.
Innovative new products are the fuel for the most powerful growth engine you can connect to. You can grow without new products--AT&T sold essentially the same telephones for decades while becoming the world's largest telecommunications concern--but most small companies will find it difficult to grow at all, much less rapidly, without a constant stream of new products that meet customer needs.
What is new product development (NPD)?
To create the next product in a company’s product line a design team goes through product development process steps. Starting with a product idea, the team moves through several stages to generate all the details and documents needed to get the product built. A NEW product development (NPD) process goes through the same steps, however as this product has not been developed by the team before, new risks and uncertainties are introduced and often additional information is documented and shared with manufacturing.
Basic new product development steps
There are five basic steps in a new product development process: Concept, Ideation, Design, Test and Release.
1. Concept — the concept step sets basic direction and boundaries for the entire development process by clarifying the type of product, the problem the product solves and the financial and technical goals to be achieved by the product.
2. Ideation — during the ideation step the team brainstorms to discover some of the many ways a product can solve the problem and meet internal goals. Ideas are evaluated and...