Marketing Plan For New Product Development Essays

Marketing Plan For New Product Development Essays

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New Product Development is the process of designing, creating and bringing a new product to market.

It is important that when businesses develop new innovations, they have the following eight stages included in the product development. By setting out the steps involved, and sticking to them, the product development will become a more focused and flexible approach that can be adapted for different types of products and/or services. This also applies to the public sector.

 Idea Generating – This process will normally start with the product concept. A SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) will help a business to find a direction that is in line with their business strategies. It’s important for a business to do market research, listen to target customers and look at competitor success and failures.
 Idea Screening – This step is vital to ensure non-relevant ideas are rejected as soon as possible. The ideas should be considered objectively and by a group of people. It is good practice to set specific screening criteria at this stage, to look at return...

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