Product development

Need to know

What you need to know

• NPD is a multi-stage process to convert ideas into marketable products.
• It functions as a funnel, screening out weak ideas to reduce risk.
• Key stages include idea generation, screening, concept testing, business analysis, prototyping, test marketing, and launch.
• The primary goal is to minimise the high costs of product failure by making informed decisions.

Explanation

Product development

1. NPD is a multi-stage process to convert ideas into marketable products.
2. It functions as a funnel, screening out weak ideas to reduce risk.
3. Key stages include idea generation, screening, concept testing, business analysis, prototyping, test marketing, and launch.
4. The primary goal is to minimise the high costs of product failure by making informed decisions.