Bringing a new product to market is a long process that takes a lot of testing and brainstorming. New product development process is a difficult task because the odds are against the success of the new product. It is crucial to understand the various stages of new product development to properly conduct the relevant research and surveys to an ensured success.
Very few ideas turn into concepts and make their way into marketable products that reach the end-user. Most concepts fail before ever making it to market. This is due to careful screening to avoid overspending on ideas that are not suitable for commercialization.
Between Concept Testing And Market Testing
At the very beginning, a concept is proposed and tested using market research to see whether the market will accept the new conceptualized product. But before the distribution of the product in the market for testing, the actual development process must take place.
Concept Testing refers to asking the target market their ideas about a conceptualized product or service. For example, a restaurant may ask their customers what they think about a website for delivery services from the restaurant.
Market Testing occurs after a new product has been developed to determine the target market’s opinions on it and test how well it works. For example, a restaurant can offer a few of its regular customers delivery services to see how fast their drivers are and how the staff can handle the extra pressure.
New Product Development Process – The Stages
New products undergo several stages in their development process. They begin as an idea that must pass screening to determine which is the most likely to succeed after the development plan is executed. We can say that the first step of new product development is the idea generation stage. The screening process is the stage after the idea generation that reduces the total number of ideas to make a way for the most effective ones.
The idea is then elaborated and grows to become a concept that can subsequently be tested within the target market. Taking into account the results from concept testing, the actual product development must take place, and that product is tested in the market.
New Product Development Process – Finalizing Creation
This is the part of the process where the product finally comes to creation. The product development stage is the stage where the physical product is first developed. The ideas and concepts that have been researched can be implemented, and a prototype of the product can be made. Of course, the prototype needs to pass various tests before it is commercialized. For example, this would be the stage that a car is finally built after months of designing it. The car prototype must pass safety tests before it is handed over to market testers.
Commercialization and Market Testing
The last stage in the new product development process is commercialization, which means making the product available commercially. After a product is fully developed, it is distributed to the target market. A portion of the users is generally given a survey to understand the consumer’s perspective with regards to the product. This data can be collected and used to modify the product in the future. Note that modification is not considered part of the new product development process.