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.
The concept of New Product development process entails;
This is the concept and ideation stage during which a product’s functional and performance requirements can be defined along with buyer personas or ‘the voice of the customer’.
(ii)Feasibility study and design planning
The feasibility phase gives management an opportunity to evaluate a project’s potential success, reviewing and refining the business case from various angles.
(iii) Design and development
Formal engineering specifications are created. Verification and validation plans are developed for the future.
(iv) Testing and verification
Comprehensive testing of the final product takes place to evaluate the robustness of the design and its ability to meet customer and performance requirements.
(v) Validation and collateral production
Validation takes place against the customer needs that have been identified at the ideation stage.
Plans, specs and other relevant documentation are transferred to manufacture for production, or software products and updates are released to customers.
Ongoing product management ensures the product is subject to continuous upgrades and improvement.
A marketer uses it for a successful product launch to direct costs of test marketing which may include a pilot plant to make the product, commercials, an advertising agency because media are not billed, point-of-sale material produced in small quantities, higher media expenses because of low volumes, couponing, sampling, and higher trade allowances to obtain distribution.