How did Steve Jobs come up with iPhone? How did the iPhone come into existence? What are some of the new product development processes? How do companies come up with product ideas? Show
You'll learn the answers to these questions and much more once you get to the bottom of this explanation. New Product Development ProcessThe primary processes of new product development include idea generation, idea screening, concept development, concept testing, marketing strategy, and commercialization. New product development: Idea generationIdea generation, often known as the systematic search for new product ideas, is the first step in developing new products. The most important sources of new product ideas come from inside and outside the company in the form of consumers, rivals, distributors, suppliers, etc. New product development: Idea screeningThe production of a significant number of ideas is the objective of the idea-generating process. Oftentimes there may be too many ideas generated. Some ideas will have to be prioritized, others not. Thus idea screening comes in handy. The step of limiting the number of ideas is called idea screening, and its purpose is to identify and eliminate poor ideas as quickly as possible. Because the subsequent phases of product development come with much higher expenses, the corporation only wishes to go forward with those new concepts that will result in lucrative finished products. New product development: Concept development and concept testingAfter the company has come up with ideas and chosen the right one, it must develop a product concept. A product concept refers to a version of the new product idea, stated in consumer terms. After the company has developed the concept, it must test it before increasing production and aiming for a larger market. Concept testing refers to testing a new product with a small group of target consumers, gathering feedback, and determining whether the product has consumer appeal. Before developing them into tangible new goods, many businesses first put potential new product ideas through rigorous customer testing. A word or visual description may be adequate for specific idea examinations. However, marketers may improve the dependability of the concept test by presenting the concept in a more solid and tactile manner. New product development: Marketing StrategyThe next step includes developing a marketing plan and an initial marketing strategy for releasing the new product into the market. The marketing strategy is divided into three sections as follows:
Product developmentThe next step in the process is product development. Product development refers to turning the product concept into a physical product. This is the part where the R&D team and other relevant teams come together to develop the product's physical form. New product development: Test marketingThe following phase, test marketing, is the stage during which the product and its intended marketing program are examined in actual market conditions. If the product is successful in both the idea and product tests, it is ready for the test marketing stage. Test marketing aims to familiarise the marketer with the process of selling a product before the marketer goes through the enormous expenditure of a complete introduction. It allows the organization to evaluate the product and its complete marketing program, including advertising, distribution, pricing, branding and packaging, target markets and positioning strategies, and budget levels. New product development: CommercialisationCommercialization is the final phase of new product development. Information management needs to make a final choice on whether or not to launch the new product obtained via test marketing. If the business decides to go through with commercialization, which means releasing the new product into the market, it will be required to bear significant expenditures. For instance, the business would need to either construct a new production facility or lease an existing one. Additionally, in the case of a brand new consumer product, the company may spend hundreds of millions of dollars in the first year on combined advertising, sales promotion, and other marketing initiatives. Stages of New Product DevelopmentAs a recap, the stages of new product development are as follows:
Idea Generation in New Product DevelopmentIdea generation in new product development is the first phase of producing new products. This step is also often called the systematic search for new product ideas. Consumers, competitors, distributors, and suppliers are essential sources of new product ideas. Marketers may find the most important sources of new product ideas inside and outside their organization. There are four primary sources of idea generation:
Advantages and Disadvantages of New Product DevelopmentThere are many advantages and disadvantages of new product development. The main advantages of new product development include:
The main disadvantages of new product development include:
New Product Development ExamplesSome examples of new product developments are as follows.
Netflix was once a service for renting movies on DVD. Netflix's transition toward streaming media is an excellent example of product development. Netflix is now one of the most popular over-the-top (OTT) platforms available on the market. Netflix shifted its focus from licensing pre-existing material to producing original content, demonstrating a profound comprehension of what consumers want from an OTT streaming firm. When we examine the past of Netflix, we find that a consistent pattern emerges, and that theme is their objective of making the consumer experience as frictionless as possible. Netflix has seen a need in the consumer market and built a product to fill that void in response. Netflix continuously develops its product in line with customer needs, whether it is the easy availability of DVDs in the early days of the account profiles or on-demand streaming available now. The transformation of traditional landlines into wireless handsets enables convenient mobility and uninterrupted access to communication at all times. A company that makes such services possible must go through all the product development stages, such as idea screening, test marketing, and finding the right target market to sell the service. New Product Development - Key takeaways
Frequently Asked Questions about New Product DevelopmentThe importance of idea generation is that it enables a business to expand beyond their current way of thinking. Companies should develop and introduce new products to stay ahead of the competition. The first stage of the new-product development process is idea generation. The seven stages of the product development process are as follows:
The last stage in the new-product development process is commercialisation. Final New Product Development Quiz
Question What does the process of new product development entail? Show answer Answer The main process of new product development includes idea generation, idea screening, concept development, and concept testing, marketing strategy, commercialization. Show question
Question ________, often known as the systematic search for new product ideas, is the first step in developing new products. Show answer
Question The step of limiting the number of ideas is called _________, and its purpose is to identify and eliminate bad ideas as quickly as possible. Show answer
Question Why is idea screening important? Show answer Answer Because the subsequent phases of product development come with much higher expenses, the corporation only wishes to go forward with those new concepts that will result in lucrative finished products. Show question
Answer A product concept refers to a version of the new product idea, stated in consumer terms. Show question
Question ________ refers to testing a new product with a small group of target consumers, gathering feedback, and determining whether the product has consumer appeal. Show answer
Question Explain the three sections of the marketing strategy. Show answer Answer The marketing strategy is divided into three sections as follows:
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Question What is product development? Show answer Answer Product development refers to the process of turning a product concept into a physical product. Show question
Question _______ is the stage at which the product and its intended marketing program are tried in actual market conditions. Show answer
Question What are some of the main sources of idea generation? Show answer Answer Internal sources External sources Competitors Crowdsourcing Show question
Question The firm can uncover new ideas via the process of formal research and development by using ______ sources. Many companies invest vast amounts of money into research and development. Show answer
Question Businesses can get valuable ideas for new products from any one of a variety of external sources. Distributors and suppliers, for instance, could have some suggestions to give Show answer
Question What are the advantages of new product development? Show answer Answer Seizing opportunities Keeping pace Show question
Question What are the disadvantages of new product development? Show answer
Question What are the stages of new product development? Show answer Answer
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Question What is the product life cycle? Show answer Answer The product life cycle stages are the stages a product goes through, from hitting the market to discontinuing production. Show question
Question What is product life cycle management? Show answer Answer Managing the different stages of the product life cycle. Show question
Question Companies use product development life cycle stages to assist in the determination of advertising schedules, pricing points, expansion into new product markets, redesigns of packaging, and other similar activities. Show answer
Question The life cycle of a product is divided into _______. Show answer
Question The life cycle of a product is divided into three stages. Show answer
Question What are the four stages of the product life cycle? Show answer Answer The life cycle of a product is divided into four stages: the introduction stage, growth stage, maturity stage, and decline stage. Show question
Question The first stage of the product life cycle is called _________, and it is at this stage that a business makes an effort to raise awareness about its product or service in a market where there are few or no other competitors. Show answer
Question Give example of the introduction stage of a product. Show answer Answer A significant number of years passed before well-known items like iPhones and high-definition televisions moved into a phase of more rapid expansion. Show question
Question Why are earnings low or negative during the introduction stage of a new product? Show answer Answer Because of the low sales and the significant expenditures associated with distribution and advertising. Show question
Question During the _________ of the product life cycle, the rate of increase in sales will accelerate. Show answer
Question What happens during the growth stage of the product life cycle? Show answer Answer Early adopters will continue buying the product, and later other consumers will start following their example, particularly if they hear positive word-of-mouth from early adopters. New rivals will join the market because the possibility of making a profit entices them. They will offer new product features, expanding the market for said product. Show question
Question _________ of the product life cycle is the stage in which the growth in sales slows down. Show answer
Question __________ of the product life cycle is the stage in which a product's sales fade away. Show answer
Question The decline stage may be gradual or quick and sharp. Sales may decrease to zero or drop to a level where they will remain low for several years. Show answer
Question Give an example of a product that could be in its decline stage. Show answer
Question What is the first stage of the new-product development process? Show answer
Question _________, often known as the methodical search for new product ideas, is the first step in the process of developing new products. Show answer
Question Which are the most expensive stages of the new product development? Show answer
Question What are the steps in the new product development process? Show answer Answer Product development process steps include:
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Question What is the final step in the product development process? Show answer
Question Why is product development important in marketing? Show answer Answer To ensure value to customers. Show question
Question The step of limiting the number of ideas is called ________. It serves to narrow down the ideas into the most feasible and profitable ones. Show answer
Question _____________ is the step by which a company develops a concept product which can be tested and used to find out whether the company has the right product market fit. Show answer
Question What is the purpose of doing business analysis? Show answer Answer The purpose of doing a business analysis is to determine whether or not the projected sales, costs, and profits for a new product align with the organisation's goals. Show question
Question What happens during the product development stage? Show answer Answer During this stage, R&D, or engineering, develops the product concept. It shows whether the product idea is realistic. Show question
Question Test marketing allows a marketer to get expertise in marketing a product before investing in a full launch. Show answer
Question What are some of the main product development stages? Show answer Answer Although the process of developing a product varies depending on the sector, it can generally be broken down into seven stages: ideation, market research, planning, prototype, sourcing, pricing, and commercialization. Show question
Question What is agile methodoloy? Show answer Answer An Agile methodology is an iterative approach to project management that places emphasis on the division of projects into a greater number of smaller tasks that are easier to handle. Show question
Question An Agile methodology is an iterative approach to project management that places emphasis on the division of projects into a greater number of smaller tasks that are easier to handle. Show answer
Question What are the two main sources of idea generation? Show answer Answer Internal and external sources Show question
Question Internal marketing means promoting the company's objectives, culture, products, and services to ______________. Show answer Answer internal staff and stakeholders Show question
Question Internal marketing is also called employee marketing. Show answer
Question Internal marketing promotes the company's objectives, _______, products, and services to its employees and internal stakeholders. Show answer
Question The primary purpose of internal marketing is to improve employee engagement and encourage brand ______. Show answer
Question Without a good internal culture, a company will have a more challenging time retaining talent. Show answer Discover the right content for your subjectsNo need to cheat if you have everything you need to succeed! Packed into one app! Study PlanBe perfectly prepared on time with an individual plan. QuizzesTest your knowledge with gamified quizzes. FlashcardsCreate and find flashcards in record time. NotesCreate beautiful notes faster than ever before. Study SetsHave all your study materials in one place. DocumentsUpload unlimited documents and save them online. Study AnalyticsIdentify your study strength and weaknesses. Weekly GoalsSet individual study goals and earn points reaching them. Smart RemindersStop procrastinating with our study reminders. RewardsEarn points, unlock badges and level up while studying. Magic MarkerCreate flashcards in notes completely automatically. Smart FormattingCreate the most beautiful study materials using our templates. Sign up to highlight and take notes. It’s 100% free. What are the 4 process that can develop an idea for product?New product development is the process of bringing an original product idea to market. Although it differs by industry, it can essentially be broken down into six stages: ideation, research, planning, prototyping, sourcing, and costing.
What are the 7 stages of a new product development process?These are as follows:. Idea generation.. Idea screening.. Concept development and testing.. Marketing strategy and business analysis.. Product development.. Test marketing.. Product launch.. What step begins the idea generation stage?Step One: Idea Generation
Companies typically generate these ideas through brainstorming sessions where nothing is ruled out, and everything is fair game. In this stage of the product life cycle, the emphasis is on generating raw, untested ideas that can later be reviewed for practicality and usefulness.
What is the next stage after idea generation in new product development process?The seven stages of the new product development process are: Idea Generation, Idea Screening, Concept Development and Testing, Business and Marketing Strategy Development, Product Development, Test Marketing, and Commercialization.
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What takes place during the idea generation stage of the new-product development process?
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