New product development npd

New Product Strategy – Innovators have clearly defined their goals and objectives for the new product.

Knowing Your Consumer – Doing market research or finding market research reports to understand the needs, problems, tastes, and desires of the consumer.

Idea Generation – Collective brainstorming ideas through internal and external sources.

Screening – Condense the number of brainstormed ideas.

Concept Testing – Structure an idea into a detailed concept.

Business Analysis – Understand the cost and profits of the new product and determining if they meet company objectives.

Product Development – Developing the sample, this involves the putting together of ideas and materials to form a testing product to the market.

Market Testing – Marketing mix is tested through a trial run of the product.

Commercialization – Introducing the product to the public.

Evaluation – Involves research to monitor the progress of new service offering in relation to organizational goals.

Models[edit]
Conceptual models have been designed in order to facilitate a smooth process.

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  IDEO approach. The concept adopted by IDEO, a design and consulting firm, is one of the most researched processes in regard to new product development and is a five-step procedure.^[9] These steps are listed in chronological order:
  

1. 
   Understand and observe the market, the client, the technology, and the limitations of the problem;
   
2. 
   Synthesize the information collected at the first step;
   
3. 
   Visualise new customers using the product;
   
4. 
   Prototype, evaluate and improve the concept;
   
5. 
   Implementation of design changes, which are associated with more technologically advanced procedures and therefore will require more time
   

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  BAH Model. One of the first developed models that today companies still use in the NPD process is the Booz, Allen and Hamilton (BAH) Model, published in 1982.^[10] This is the best known model because it underlies the NPD systems that have been put forward later.^[11] This model represents the foundation of all the other models that have been developed afterwards. Significant work has been conducted in order to propose better models, but in fact these models can be easily linked to BAH model. The seven steps of the BAH model are: new product strategy, idea generation, screening and evaluation, business analysis, development, testing, and commercialization.
  
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