New product development process /stages (8 Stages)
Hello friends
In this video I had explained new product development process with different examples in each point.
The process sets out a series of stages that new products typically go through, beginning with idea generation, and ending with the product's introduction to the market.
The new product development process is a systematic guide for all budding businesses and entrepreneurs that will help them come up with a customer-oriented, high-quality product that has the best chance of doing well in the highly competitive markets.
Following steps we are going to study in new product development process.
TIMESTAMPS
0:00 Welcome to my channel Management By Dr. Mitul Dhimar
0:14 What is new product development?
1:01 Step 1. Idea generation
1:39 Step 2. Idea screening
2:25 Step 3. Concept development and testing
3:28 Step 4. Marketing strategy development
4:22 Step 5. Business analysis
4:54 Step 6. Product development
5:34 Step 7. Market testing
6:17 Step 8. Commercialization
I hope you my video makes you understand all steps involved in new product development process.
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