Planning for new products is identifying, developing, and launching new products. It is a critical part of any business’s growth strategy. New product planning aims to create products that meet customers’ needs and generate sales and profits for the business.
The new product planning process typically involves the following steps:
Idea generation: This is the process of developing new product ideas. There are many ways to generate new product ideas, such as brainstorming, market research, and customer feedback.
Product screening: This is the process of evaluating new product ideas and selecting the ones with the most potential. The criteria for product screening may vary depending on the business, but it typically includes factors such as market size, customer demand, and competition.
Product development is the process of turning a new idea into a physical product. It includes activities such as designing, engineering and manufacturing the product.
Product testing: This is the process of evaluating a new product to ensure it meets customers’ needs and the business’s quality standards. Product testing may involve conducting surveys, focus groups, and usability testing.
Product launch: This is introducing a new product to the market. It includes activities such as marketing and distributing the product.
The new product planning process can be complex and time-consuming, but it is essential for businesses that want to grow and succeed. Following the steps outlined above, businesses can increase their chances of success in the new product market.