8 Steps of New Product Development to Give Your Product a Kickass Launch

Developing a new product and introducing the same in the market is like fighting in the battle. One wrong decision, and you lose. Since there are innumerable products and services entering in the market, you have to carefully scrutinize the behavior of consumers, markets and competitors before developing a product.

Not just this, you have to follow a structured process that could help you develop a product in a systematic manner. We know it could be an exhausting process but there is always an easy way. Our research team has done their thorough research for you and created a full-fledged professionally designed presentation on New Product Development Process  (also known as The Stage-Gate model or BAH model).

This PPT will help you at each step of the process you will go through.

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To make it easier for you, let’s take a look at the steps you need to follow to get your product introduced in the market.

Step 1) Idea Generation:

Process starts with idea generation. Bringing in all the good ideas is necessary. Brainstorm ideas, conduct SWOT analysis and follow current market trends. Focus on customer’s requirements and find your target audience.

Step 2) Idea Screening:

Dump the unsuitable ideas. Sit with team, go through the ideas, and pick the best ones. This step is crucial for the product development. Therefore, it is necessary that company chooses the best of the ideas for product development that could benefit the company in the future.

Step 3) Concept Testing:

Use your customer base and get the idea tested to see their reaction on the idea. Try to get answers for the following questions:

• Have they understood the concept?
• Did they like it?
• Do they want it?

Once you have analyzed their reaction, now is the time to convert that idea into a product concept.

Step 4) Marketing Strategy:

After the concept testing, it’s time to plan the marketing strategy for the newly developed product/ idea. Market strategy should be constructed on the basis of planned value proposition, target market, sales and market share. Also analyze the distribution and marketing budget of the product. To make the work hassle free for you, all the crucial points are covered in the deck for strategizing your market plan.

Step 5) Business Analysis:

Moving to the next step, management needs to evaluate whether the product will be profitable or not. This includes detailed reviewing of the sales, costs, and profit projections for the new product. After all the researching and reviewing, the company can estimate the expected costs and profits for a product.

Step 6) Product Development:

The product concept needs to be developed into a physical product. However before that, R&D develops one or more prototype of the product and get them tested to make sure they are safe and working effectively.

Step 7) Market Testing:

Newly developed product is tested in the market but on a small scale. Product is introduced in a very small market to see the consumer’s reaction. Company analyzes the consumer’s behavior on the product before making a large investment in the market.

Step 8) Commercialization:

Company introduces the new product on a large scale. Company spends huge amounts on advertising, sales promotion and much more to get their product placed in the market.

This is like a roadmap process that you need to understand. Taking one step at a time. See the complete process and breakdown of each stage by clicking the link below:

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If you have had any problems with the process before or have any concerns, share your comments, suggestions below.

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