New product development decision process diagram
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The document outlines an 8-step new product development decision process that includes: 1) generating product ideas, 2) screening ideas, 3) developing and testing concepts, 4) analyzing business factors, 5) developing marketing strategies, 6) developing the product, 7) market testing, and 8) commercializing successful products. At each step, decisions are made to modify the product, marketing, or send the idea back for further development based on testing and analysis.
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New product development decision process diagram
- 1. The New-Product-Development Decision Process http://www.drawpack.com your visual business knowledge business diagrams, management models, business graphics, powerpoint templates, business slides, free downloads, business presentations, management glossary Coordinate, stimulate, and search for ideas in external environment and among company personnel Identify: Company factors Their weights Develop alternative product concepts Buy equipment and go into full production and distribution Go into limited production, prepare advertising Propose: Price Distribution Promotion Prepare: Market analysis Cost analysis Conduct: Engineering tests Consumer preference tests Branding Packaging DROP Lay future plans 7. Market testing Have product sales met our expectations? 6. Product development Have we developed a product that is sound technically and commercially? 5. Business analysis Will this product meet our profit goal? 4. Marketing strategy development Can we find a cost-effective, affordable marketing strategy? 3. Concept developing and testing Can we find a good concept for the product that consumers say they would try? 1. Idea generation Is the particular idea worth considering? 2. Idea screening Is the product idea compatible with company objectives, strategies, and resources? 8. Commercialization Are product sales meeting our expectations? Yes Yes Yes Yes Yes Yes Yes Yes Would it help to modify our product or marketing program? Should we send the idea back for product development? No No No No No No No No Yes Yes
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Editor's Notes
- #2: Source: Marketing Management, Kotler, 1994