New Product Development Stages

We know that new product development means the development of original products, product improvement, product modifications and new brands through the firms own research and development effort. To develop a new product effort. To develop a new product needs to maintain below stages:
• Idea generation
• Idea screening
• Concept development and testing
• Marketing strategy development
• Business analysis
• Product development
• Market testing and commercialization
They are summarized below:
• Idea generation: It is the first task to develop a new product. Idea generation is the systematic search for new product idea. To develop a new product at first needs to generate idea for a new product from the company's internal and sources.
• Idea screening: After generating the idea from various sources, in second stages need to screen the idea from that ideas. That means from the various ideas in first stage select the best and suitable idea for developing a new product.
• Concept development and testing: In this step the above selected ideas convert into the concept, that means here consider the idea in written form and test concept. Moreover here defined the product features design size, etc.
• Marketing strategy development: In this step develop the marketing strategy for the above developed product that means here decides what product will be produced what will be its price, distribution channel, promotion and so on.
• Business analysis: Business analysis is the review of the sales, costs and profit projections for a new product whether these factors satisfy the company's objectives.
• Product development: So far, for many new product concepts, the department may have existed only as a word description, a drawing or perhaps a crude mock up. If the department concept passes the business test, it involves into product development that means after analyzing the product in business side develop the product in physical form.
• Market testing and commercialization: After developing a new product, in this stage test the market for this new product and know the customer opinion regarding the new products. It it can get the positive signal from the market them commercialize the new product.