Explain the concept of New Product development process and how does a marketer use it for a successful product launch? Explain it with the help of how you can launch a product or service into the market following the steps.
In the process of a successful business transactions, lucrative business undergo a systematic process that while introducing a new product. A new product undergo 8 steps during the process of it into introduction into the market with understanding of the market, competitors, and consumers. First, a company should seek for ideas both within the institution and outside to get ideas about the product/service. Secondly, the ideas are screen to fine the most viable and appropriate ones that would bringing profits. Thirdly, the concept of the product/service is develop in a language that can be understood by the consumers. Under the same category, there is concept testing where consumers give their views and value of the product. Fourthly, marketing strategy development where description of the market, value proposition and the sales, outline prices and planned long-term sales are carefully formulated. Next, that company should do business analysis to ascertain the attractiveness by reviewing costs, sales and the profit projections. The history of related product can help in the projection of the profits and the extent of risks involved. Again, product development is essential where the product prototype is developed and tests done to ensure safety and the effectiveness of the product. During the stage, customers are involved in the testing of the product. Furthermore, testing marketing is done in a real market settings. It enable the company to plan on marketing strategy, advertising, and packaging prior to the actual investment. Finally, commercialization is done where the product is introduced in the market. During the marketing, timing and the settings are essential for a successful product introduction.