kaway2074 kaway2074

04-03-2020
Business

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The New Product Development Process begins with the _, fill in the blank, stage and culminates with the _, fill in the blank, phase.

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letmeanswer letmeanswer

12-03-2020

The new product development begins with the idea generation.

Explanation:

The five basic stages of new product development (NPD) are as follows,

Idea generation: This is the first and foremost process of NPD. It is systematic search for new ideas from internal and external sources.

Idea screening: Filtering the best ideas from all the selected ones.

Concept development: Developing the reliable concepts with the help of SWOT analysis.

Marketing strategy development: Description of the target market, outline of the product’s planned price and planned long-term sales

Business analysis: Review of the sales, R&D, operations and efficiency ratio measure.

Product development: Developing a successful prototype

Test marketing: The proposed marketing program and the developed product is released in the realistic market.

Commercialisation: Introducing the developed product finally and permanently into market.

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