This document outlines the new product development process presented by T Khageswara Rao and guided by P K Chekravarthy Sir. The process includes idea generation and screening criteria to evaluate ideas based on return on investment, affordability, and market potential. Next, concept development and testing involves testing prototypes with consumers to measure attitudes and sales intention. Then a marketing strategy and business analysis are developed covering price estimates, sales forecasts, and profitability. The product is further developed and tested in markets. Finally, the product is commercialized by implementing the full marketing plan and launching full production. An example of a new product developed using this process is a watch band.
