Question
Discuss the stages in New Product Development process giving suitable examples
Answer :
Word Count : 1038
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PRODUCT DEVELOPMENT
THE PRODUCT DEVELOPMENT GOES THROUGH
VARIOUS STAGES AND AT EACH STAGE A RANGE
OF QUESTIONS ARE RAISED AND THE DIFFERENCES
ARE SETTLED.
THIS IS THE PROCESS AS SHOWN BELOW.
1.EXPLORATION STAGE.
*Statement of company objective.
*Statement of product idea.
*Judgment evaluation of merit.
*Profile of products known on the market.
[CEO / MARKETING DIRECTOR / MANUFACTURING [R&D] MAKE THE FINAL DECISION]
----------------------------------------------------------------------
*Survey of product ingredients, design standards,
general technology of the field.
*Analysis of competitive product claims.
[MARKETING / MANUFACTURING [R&D ]DECIDE THE FINAL DECISION]
-----------------------------------------------------------------
*Analysis of competitive advertising expenditures.
*Areas of brand share/volume history.
[MARKETING / PRODUCT MANAGERS DECIDE THE FINAL DECISION]
---------------------------------------------------------------------
*Survey of traditional channels of distribution and
other distribution opportunities.
*Survey of general selling practices, promotional
allowance buying standards.
*Survey of specific federal and state legal problems
in reference to ingredients, sales practices, controls.
[MARKETING / SALES / DISTRIBUTION DECIDE THE FINAL DECISION]
-----------------------------------------------------------------
*Survey to determine marketing
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