New product development cycle model
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The document outlines an 8-step process for developing new products that includes evaluating customer requirements, generating innovative ideas, developing product prototypes, conducting market research, validating ideas through testing, determining financial feasibility and pricing, implementing the product, and refining the process.
New product development cycle model
- 1. FICCI CE 1. Opportunity evaluation - Customer's present & future requirements Customer's unperceived & unarticulated needs 8. Implementation, vendor development & 2. Idea generation, Process refinement Creativity & innovation 7. Validation - New product Prototype testing, field 3. Product trials development positioning & market feedback Cycle and pricing options 6. Financial 4. Feasibility check on evaluation- ideas, Commercial styling, costing, souring evaluation, & resource requirements Logistics evaluation 5. Market research - Present, Future & Worst case scenario
- 2. FICCI CE