Question

Briefly explain the innovation process for the new product development.

Answer 1

'New Product Development is known as the process of introducing a new product in the market. It is done to fulfill the customer's needs and demands and stay ahead in the competition. The New Product Development is divided into various steps:-

1) Best Idea of a product: The first thing for the development of a new product is the Idea behind the features of the new product, and it's typing. The Idea should be viable and not vague. The manager needs to come up with various ideas for the development of a product. The Idea can be of transforming an existing product into a new product.

2) Research:- The next thing that should be done after Idea is to check whether the Idea is viable. It can be done by researching what consumers want, the cost of the project, and many other things.

3) Planning Process:- After the research, the company should start planning to develop a new product by taking into account various factors like cost of production, labor charges, cost of raw material, and many other things.

4) Sampling: After developing the product, the company should launch the product on a small scale to check whether the consumer likes the product. It is a crucial step because it analyses whether the product will be successful or not in the broader market.

5) Building Supply Chain: After sampling, the company should start building a supply chain to transport its product to various other markets and into the customer's hands.