Marketing

Procedure of New Product Development

Procedure of New Product Development

Broad purpose of this article is to discuss procedure of New Product Development. New product development could be the complete process of bringing a brand new product to market. New product improvement is described from the literature as the transformation of the market opportunity in a product available for sale and it is usually tangible or intangible, just like a service, experience, or belief. A good comprehension of customer needs along with wants, the competitive environment along with the nature of the marketplace represent the leading required factors for the success of a brand new product. Here briefly discuss mome process of New Product Development: Generating ideas, Screening the ideas and Laying out the process for product development.