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In business and engineering, new product development (NPD) is the term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the NPD process: one involves the idea generation, product design, and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share.
The process
#Idea Generation is often called the "fuzzy front end" of the NPD process
#*Ideas for new products can be obtained from basic research using a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats), Market and consumer trends, companys R&D department, competitors, focus groups, employees, salespeople, corporate spies, trade shows, or Ethnographic discovery methods (searching for user patterns and habits) may also be used to get an insight into new product lines or product features.
#*Idea Generation or Brainstorming of new product, service, or store concepts - idea generation techniques can begin when you have done your OPPORTUNITY ANALYSIS to support your ideas in the Idea Screening Phase (shown in the next development step).
#Idea Screening
#*The object is to eliminate unsound concepts prior to devoting resources to them.
#*The screeners must ask at least three questions:
#**Will the customer in the target market benefit from the product?
#**What is the size and growth forecasts of the market segment/target market?
#**What is the current or expected competitive pressure for the product idea?
#**What are the industry sales and market trends the product idea is based on?
#**Is it technically feasible to manufacture the product?
#**Will the product be profitable when manufactured and delivered to the customer at the target price?
#Conc read more at » http://en.wikipedia.org/wiki/New+product+development
http://en.wikipedia.org/wiki/New+product+development
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