Below is a brief description of the process of new product development. This is a 5 step process; in our assignment help service, we also provide the 6 step process and the 8 step process of new product development.

1. Concept Development - This is the initial stage of product development and can further be broken down into a few parts.
   • Ideation: This is where the product takes birth. A product is born in the mind of the marketing team that is responsible for generating the new products of the company. A company is always trying to make more profit. This can be done either by improving the product or creating a new product that the market requires. So, the marketing team sits down and thinks. This team has to come with an idea. They are also provided with information about the market and the trend that has taken over it.
   • Idea into Concept: In this, the idea the marketing team comes up with will be turned into a reality. But first, it is tested in a controlled environment to see if it will actually work or not. The idea is turned into a prototype, which is screened to see if it can be made or not. Once it is made, it is given out to a few volunteers, who try it. If the volunteers like the product, they are asked for their suggestions. Based on those suggestions, the product is improved and changes are made, so that, the actual customers will like it.
2. Strategy Employed - After the screening process is finished, the selected product is put up for production. This product will be released to the market soon. So a strategy is put in place to provide optimum efficiency in production. The production of a new product is supposed to cost less as the product is not in demand yet. A plan is made to help the production department allocate the resources to produce the best output. The strategy is made by the management as they have control over the production system. The design of the product and the mix used to make the product needs to be correct to produce a good output.
3. Product Development - This is not the final stage of actual product development. But this is the final stage in the development of the product. The company starts production in limited quantities. Since the product is new to the market, the company plays it safe by only putting out a limited number of products. After seeing the actual demand for the product, the production increases. The product is developed according to the need of the customer. The concept is changed and improved according to what is demanded in the market by the customers.
   There is at times a hype created about the product, while it is in its development stage. This is done so that the initial demand is more than the supply. This helps in launching the product at a high price and generating more revenue. More information about this is provided in our new product development assignment
4. Product Launch - One of the most critical times for a company is the launch of a new product. A new product can either bring a lot of profit or a lot of loss. The launch of a new product is the deciding time. The company starts announcing and spreading the news about the product, months before it is released. This helps the company sense how the product is going to do. The way the public reacts to the initial announcement of the product tells the company a lot of things. But once the product is launched, the company can only wait.
   That is why hype generation is important for a product. This helps the company sell enough products, to break even. If the company does not sell more products, it has recovered its initial cost. But if the product does well and there is more demand for it, the company starts manufacturing more units to sell.
5. Post-Launch Evaluation - It is important to evaluate after the launch to see if there are any further improvements that can be made for the next launch.