WHAT IS A NEW PRODUCT INTRODUCTION (NPI) PROCESS?
STEP 01
Idea Generation
Thefirststepinthenewproductintroductionprocessis generatingideas.Whenyouaregeneratingproductideas,they cancomefromvarioussourcessuchasmarketresearch, customerfeedback,orinternalbrainstormingsessions.Theidea generationprocessinvolvesmanythingstoexploreasmarketing, researchanddevelopment,andsalestoensureadiverserangeof ideas.
STEP 03
Concept Development and Testing
This stage involves developing a detailed concept for the product including features, design, and target market. The concept is then tested with potential customers to gauge their interest and feedback. This feedback is crucial to refine the concept and ensure it meets customer needs, expectations, and requirements. This step ensures that the product will feel and function as expected by the customers.
STEP 02 Idea Screening
In this stage, the generated ideas are screened to determine their feasibility, profitability, and alignment with the company's goals and objectives. The ideas that meet the criteria are then selected for further development. An individual has to churn and choose the most appropriate and reliable ideas for new product introduction to the market.
STEP 04
Business Analysis
The business analysis stage is basically a thorough analysis of the potential costs, profits, and risks associated with the product is conducted. The analysis includes market research, cost projections, and revenue estimates to determine the product's financial viability.
STEP 05
Product Development
The product development stage involves creating a prototype or sample of the product to test and refine its design and functionality. Finalizing packaging, branding, and marketing plans are some of the important things to cover in this product development phase.
STEP 06
Market Testing
Once the product is developed, it is tested in the market to determine its acceptance and potential success. A small-scale product launch in a specific geographic area to gauge customer response and gather feedback is considered for market testing before the actual new product introduction.
STEP 07 Launch
The final stage in the new product introduction process is the launch of the product. The product launch in the market means a full-scale rollout of the product including marketing, sales, and distribution efforts. The launch should be wellplanned and executed to ensure a successful introduction into the market.
