Chapter 11: New-Product Development Process

Idea Generation

Seeking product ideas that will help organizations to achieve objectives

Screening

Choosing the most promising ideas for further review

Concept Testing

Seeking potential buyer’s responses to a product idea

Business Analysis

Evaluating the potential contribution of a product idea to the firm’s sales, costs, and profit

Product development

Determining if producing a product is technically feasible and cost effective

Testing marketing

introducing a product on a limited basis to measure the extend to which potential customers will actually buy it.

Commercialization

Deciding on full-scale manufacturing and marketing plans and preparing budgets

Commercialization

Deciding on full-scale manufacturing and marketing plans and preparing budgets