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Product development is one of the most complex phases of operating a business that the management has to go through to determine its success in the business world. The process of just creating an idea and transferring it to reality is not as easy as it sounds or as most people think it is. Other than the resources consumed, new product development also greatly eats into the organization's time too. While thinking about a new product development plan and procedure, one must also think and act proactively so they have a clear picture of how the end product will look like and how it will be received in the market by the customers. The corporate innovation process does not end with the developed product, but with the kind of reception it receives and the perception, the client has towards it. It is for this reason that a guide is provided to help one go through the new product development process successfully and have not only their goals achieved but also quality customer views about the product.

 

Creation and generation of ideas

It is the first and most essential phase of the new product development process. Brainstorming is done in a group of individuals or even by just a single person whose primary role is to identify fresh and new strategies of serving people in a better and enhanced as well as improved ways as compared to the current services offered. The idea-creation stage also entails the problems and challenges resulting with the present methods and techniques of service delivery and the quality of goods offered in the company. It is through effective outlining of the needs and the findings that create a basis for the type and quality as well as suitability of the innovative business ideas generated. Coming up relevant ideas may, in fact, be as effective and even lead to not only new products but a whole new company to cover the loopholes that may not have been taken care of by the already existing organization.

 

Screening the ideas

Not just one but many ideas are generated during the initial phase of the new product development hence thorough scrutiny has to be carried out to separate the most feasible from the ones that do not seem so urgent. In this world of so much scarcity of resources, it is wise to focus on only the most effective and result oriented ideas to save on the time and resources required and to be assured of a complete turning of the idea into reality other than focusing on so many only to fail to achieve the results due to limited resources.