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New-Product Development Process
Idea
Generation
Screening
Idea
Evaluation
Development
Commercialization
Process tries to generate many different ideas
for new products but then we try to figure out
why it will NOT work so that we can get rid bad
alernatives and NARROW DOWN to focus our
time and money on the attractive opportunities
that have a prayer of success
New-Product Development Process
Idea
Generation
Consciously organize to get ideas from many
sources:
customers and users marketing research
competitors
other markets
middlemen
etc.
New-Product Development Process
Idea
Generation
Screening
Consider strengths and weaknesses
relative to product concept
Evaluate fit with objectives and resources,
including rest of marketing program
Analyze market trends
Get a rough ROI estimate, considering
short and long-term customer satisfaction
New-Product Development Process
Idea
Generation
Screening
Idea
Evaluation
Concept testing
Reactions from customers
Rough estimates of cost, sales and
New-Product Development Process
Idea
Generation
R&D
Screening
Idea
Evaluation
Development
Develop model or
service prototype
Test marketing mix Revise plans as
needed
New-Product Development Process
Idea
Generation
Screening
Idea
Evaluation
Development
Commercialization