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New Product Development
) is the overall process for developing a new
, although the exact stages in this process may vary by company. According to Kotler and Keller
, the major steps include the following:
Concept development and testing
Marketing strategy development
These stages are roughly sequential, but may in some cases occur simultaneously. Occasionally the term's meaning is restricted to that part of the process done by technical (e.g., research and development) departments. New-product development concerns activity within an organization, in contrast to the acquisition of finished new products from outside.
Kotler, Philip, and Kevin Lane Keller
, Marketing Management 12th edition,
Pearson/Prentice Hall, 2006, pp 654-655.
American Marketing Association.
Dictionary of Marketing Communications.
Sage Publications (2004).
Business 2 Community.
Eight Simple Steps for New Product Development
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• Idea generation
• Idea screening
• Concept testing
• Market evaluation
• Product development
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