Firstly, New Idea Generation (Concept)
The New product development process starts with an idea or concept. Where do new ideas come from? They can come from employees, vendors, current and potential customers, management, competitors, and yes, family and friends.
Then ACTION you should do : The Product Development Team must have and/or establish a system to capture all ideas and assess concepts based on company interests.
Secondly, Idea Filtering
Step 2 is filtering ideas. This step is part of the process of filtering out “yes” and “no”. This process is important for reducing concepts and selecting the appropriate ones. This process can take several days or weeks, depending on the company and review approval. The concept chosen is what the company feels will turn into a profitable service or product.
Then ACTION you should do: What happens to concepts that not selected? They must save for possible future opportunities. the main step you should watch as a businessman, Companies shouldn’t throw away ideas. and so they may be valuable later or to future customers.
Thirdly, Concept Development and Testing
“Yes,” products move to the development and testing stage. What the target market, this will determine what concepts developed and tested.
- Developing concepts:
For example, if the concepts widgets – your single target market, they married couples seniors, etc, If not identified, it will difficult to test and present your business case.
and then The concept must decide to be meaningful. In the next sub-stage, the concept tested.
Testing the concept:
To test, your target customers must be identified. Potential customers can test various concepts, product images, physical product tests, and product usage. During testing, several questions must be asked, includes – are there any needs or wants of the consumer?,
Then ACTION you should do : Know your customers’ needs for accurate testing results of products.
Fourtly, Marketing Strategy Development
Step 4 is where the team will design a marketing strategy to introduce the product/service to the market. The marketing strategy must be thought out carefully and will work with other teams on costs, resources, and timelines:
a) Who is the target market, expected sales and market share, and estimated return on investment/profit for 1-5 years.
b) Short-term plan for the product/service – price (several financial models can be created for price testing), budget (including research, launch costs, staff costs) for the first year.
c) Long term for the product/service – sales, profit expectations, and exit probability.
Then ACTION you should do : Make short and long term plans.
