Question

The New Product Development Process begins with the _____________, fill in the blank, stage and culminates with the _____________, fill in the blank, phase.

Answer 1

The new product development begins with the idea generation.

Explanation:

The five basic stages of new product development (NPD) are as follows,

• Idea generation: This is the first and foremost process of NPD. It is systematic search for new ideas from internal and external sources.

• Idea screening: Filtering the best ideas from all the selected ones.

• Concept development: Developing the reliable concepts with the help of SWOT analysis.

• Marketing strategy development: Description of the target market, outline of the product’s planned price and planned long-term sales

• Business analysis: Review of the sales, R&D, operations and efficiency ratio measure.

• Product development: Developing a successful prototype

• Test marketing: The proposed marketing program and the developed product is released in the realistic market.

• Commercialisation: Introducing the developed product finally and permanently into market.