Process of New Product Development
1. Idea Generation: In this step, you need to generate the new ideas and check them on the scale of SWOT.
Based on this scale, you can prepare product and service ideas for 360-degree analysis and understand the future success of the product in the market.
2. Idea Screening: After product idea selection, evaluation of the idea is the second step. In this step, you can do a methodological survey and check the suitability of the product for a specific purpose.
3. Research and Development: Before development, identify demand and create unique selling propositions. A unique feature in your product and service, which satisfying the needs of the customer more appropriately will reduce competition for your product and service.
4. Test in the market: Before launching a product, testing is the necessary process. Firstly, a mock product introduced in the market between the target customer for checking their response. Reviews of products collected from sellers and buyers for making improvements in the product.
5. Final product development: Product development always based on the customer and seller reviews with the USP (unique selling proposition).
6. Pricing: Price of the product always decided after finalizing marketing plans. Add the cost of marketing into the product cost and divide by a number of costs recovering years to identify ROI.
7. Product launch: For the smooth launch of the product, firstly introduce the product among target customers.