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The new product development is basically an iterative process by step by step implementing and analyzing the development process. The processes involved in the whole system starts from generation of ideas for new product and ends with the commercialization or launch of the product.
New product development process Idea Generation Idea generates from different sources. It may be by the influence of the competitor or from the customer. Ideas can be either generated from the internal source like through research and development or from the outside sources like competitors or market research agencies. For example with technological development new types of DVD players are in idea generation process which will play high capacity Forward Versatile Disc or FVD of around 6 gigabyte capacity (Grewal, 2008, p. 308). Idea Screening Sometimes too many ideas are generated which needs to be evaluated and then screened which are not very promising one for the company. The Idea screening process of the foremost U.S motorcycle manufacturer, Harley-Davidson is known as “The Wall of Fire” who screens different ideas to choose the best out of the development opportunities called “The Swirl” (Karol, Nelson, 2007, p. 118). Concept Development and Testing The ideas which are screened in the idea screening process are forwarded for the concept development and testing of the screened idea. Ideas can be very beneficial for the company in many cases for which proper testing of the concept is required for its feasibility study. ...
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