New Product Development Essay

681 WordsDec 29, 20113 Pages
Tutorial 2 The New-Product Development process. New-product development refers to product improvements, product modifications from the original product and new brands develop from its company`s own research and development. There are 8 steps in the process of New-product development. Those are including of: I. Idea generation The new product ideas are generated and pooled from internally; the management and research teams and staffs, and externally such as the customers, competitors, distributors and suppliers. These group of people will pour out their ideas to bring a new improved product to their tables and most importantly in the markets, that will gained more profit to their company as the product are improved to fulfill consumers needs and wants. II. Idea screening After some ideas are pooled, there will be a screening process of those ideas that are considered the best idea will be spotted, while the poor one will be dropped as soon as possible. Usually a company do their screening by looking at the market size, product price, development time and costs, manufacturing costs and the rate of return of the product IF the idea that they applied. Basically, the idea is evaluated based on the general company criteria. R-W-W Framework are also applied in considering the idea. “Is it Real?”, “Can we Win?” and “Is it Worth doing?”. III. Concept development & testing After considering the product to be develop, the product are then tested to the targeted consumers and will be choose the best one to be continue to production process as the product are highly demanded by the targeted consumers. For example toys for kids that are much safe and easy to clean. The targeted consumer are the parents and their child, as the parent will think about the safety of their child while their child thinks about the aesthetics of the product that will attract

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