Steps involved in the new product development process - 95476

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  • From: Business, Marketing
  • Posted on: Mon 15 Feb, 2016
  • Request id: # 78360
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The steps involved in the new product development process and the step that presents the greatest challenge from a marketing perspective

The new product development process involves several steps. These include:

  1. Idea generation

This step involves the following processes:

  • Generation of a lot of ideas about the new product.
  • The ideas about the new product are obtained from market trends, consumer trends, research and development, focus groups, competitors, employees, trade shows, corporate spies and SWOT analysis.
  1. Idea screening

The generated ideas are evaluated based on their feasibility in order to reduce them to a