7 stages of new product development process
The new product development (NPD) process typically involves several stages that help companies create and launch new products. Here are the 7 stages of the new product development process:
Stage 1: Idea Generation
- Identify opportunities for new products or services
- Gather and evaluate ideas from various sources, such as customers, employees, market research, and competitors
- Develop a list of potential product concepts
Stage 2: Idea Screening
- Evaluate each idea against a set of criteria, such as market demand, competition, technical feasibility, and financial potential
- Eliminate ideas that do not meet the criteria or are not viable
- Select the most promising ideas to move forward
Stage 3: Concept Development
- Develop a detailed concept for the selected ideas, including product features, benefits, and target market
- Create prototypes or mockups to visualize the product
- Conduct market research and gather feedback from potential customers
Stage 4: Business Case Development
- Create a business case for each concept, including market analysis, competitive analysis, financial projections, and resource requirements
- Evaluate the financial viability of each concept and prioritize the most promising ones
Stage 5: Product Development
- Develop a detailed product design and specification
- Conduct testing and validation of the product, including prototyping, testing, and refinement
- Ensure that the product meets the required quality, safety, and regulatory standards
Stage 6: Testing and Validation
- Conduct market testing and user testing to validate the product's features, benefits, and performance
- Gather feedback from customers and make any necessary changes to the product
- Ensure that the product meets the required quality, safety, and regulatory standards
Stage 7: Launch and Commercialization
- Launch the product to the market, including marketing, sales, and distribution strategies
- Monitor the product's performance and gather feedback from customers
- Make any necessary adjustments to the product or marketing strategy to ensure its success
These 7 stages of the new product development process help companies create and launch new products that meet customer needs and achieve business objectives.