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How to use the New Product Development Process? (Explained)

Think of what can be as your imagination roams free & let your dreams keep you awake, till you make what you have made. Share the dream, build your team & leave a legacy for all to inspire to. NPD process is time consuming, expensive & filled with many failures.. However learn from them, keep improving & eventually you will look back too see just how far your products have come In order to stay successful in the face of maturing products, companies have to obtain new ones by a carefully executing new product development process. In this video I've tried to go into a bit more detail to help you understand each of the steps in the NPD process (well the first 3 steps anyway). This video is an introduction to the various aspects, however for a better understanding please check out the links from the "Additional Reading" section below and continue on your learning journey. Note: Videos have been made with international students in mind, as such if your finding the speed of speech slow, please increase playback speed to 1.25 in YouTube. I hope the video takes you beyond the definition & helps to make the learning process a little more tangible. Please subscribe & feel free to share. –––––––––––––––––––––––––––––––––––––––––––––––––– Video Content 0:00 - Introduction to New Product Development Process What are the 7 Stages in New Product Development? 0:19 - Stage 1 - New Product Strategy 0:58 - Stage 2 - Idea Generation 1:42 - Idea Generation Explained 2:46 - Stage 3 - Idea Screening 3:33 - Idea Screening Explained 4:31 - Stage 4 - Business Analysis 6:08 - Stage 5 - Product Development 7:34 - Stage 6 - Test Marketing 8:48 - Test Marketing Explained 11:43 - Stage 7 - Commercialisation 12:07 - Commercialisation Explained –––––––––––––––––––––––––––––––––––––––––––––––––– Came across great sayings: “Whoever understands the customer best, wins.” - Mike Gospe “More than 50% of innovation comes from the voice of the customer.” - Lou Rossi –––––––––––––––––––––––––––––––––––––––––––––––––– School of Learning Arnav Dutta   / arnav-dutta-a2020a44