Abstract

NEW PRODUCT DEVELOPMENT: A SUMMARY

Yashodeep Yadav

Volume: 7 Issue: 4 2017

Abstract:

Firms all over the world are trying to come up with creative ways to develop better products and services, with efficiency and greater speed. Marketers are playing the major role in this development of new product by identifying some new ideas and evaluating the market’s nerve. The new product development process and significance of the new product is demonstrated in this paper. Introduction about new product development have clear statement about new product. Stages like Idea generation, idea screening, concept testing, market analysis, actual product development, market test and commercialization are elaborated here. New products are the original products, product investments, product modification and new brands that the firm develops through its own research and development first we define the generating the new product ideas, every firm create many ideas but every idea does not take for implementation means does not select. Like this in scanning we screening the new ideas and left the old ideas as soon as possible product development costs rises greatly in later stage so the company wants to go ahead for the new product ideas that will turn into profitable products in idea screening the various new products ideas are put under rigorous screening by evolution committee. In concept testing we saw how product works in market and what is response of the customers regard the new product. Quality of the product displays on the screen and pass product ideas included in the product concept. Demand of the new product also estimating in product concept. After that market analysis also made which is very important in the new product development process, because several vital decisions regarding the project are taken based on analysis done at this stage. In Actual product development of the product, production and marketing departments are actively involved. Market test and different methods are also used in development. In test marketing, the new product with the support of the chosen marketing mix, is actually launched and marketed in a few select test cities and other towns. At the commercialization stage takes the decision to go in for large scale manufacturing and marketing of the product. At last we discuss about the success and failure of the new product development. Our perhaps suggestions makes success a new product. New product should be according to the choice of the consumers and have high value for them. New product should be effective and convenient for the society as well as consumers. Strong technical production and market orientation is also beneficial for the new product. In failure of the new product we include faulty product idea, distribution related problem, compatibility, complexity problem, perceived risk we include in this paper in the last.

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