What is New Product Development?

New Product Development, also known as NDP, is the process of transforming an idea into a viable software product. The process of NDP is all about utilizing the opportunity based on the customer needs and feasibility by providing working software. The new product Development undergoes various development processes, and are divided into different stages or phases based on the new product idea, modifying its definition and further designing and developing it and finally introducing it to the market. Like Mastars's rapid prototyping services.

Why is New Product Development necessary?

NDP is an inevitable force of companies that helps in their overall growth. The customer’s increased demand and development in technology and tough competition in the market, force the companies to introduce new products to survive successfully among the competitors.

Steps that Can Make an NDP Succeed

1.The first and vital step is framing the new product concept based on the customer requirements.
2.Most of the new product design concepts follow the product development strategy.
3.The new ideas are especially fostered, simple methods for idea generation.
4.Supple cross-functional teams perform the new product development works.
5.The final output will be introducing a new product that is beneficial to both customers and the business’s growth.

Improve New Product Development by following Simple Tips

1.Maintain an extended vision for the process of new product development.
2.Assimilate technical and customer perception to the NDP executive team.
3.Sufficient fund to support NDP is essential.
4.Develop a new portfolio strategy for product development.
5.Ensure the size of the organization for performing the tasks.
6.Follow proper methods to capture the voice of the customers.

7.Do not over commit on features.

What Are the Steps for New Product Development?

1.Idea Generation
2.Idea Screening
3.Concept Development & Testing
4.Market Strategy and Business Analysis
5.Product Development
6.Market Testing

7.Market Entry

What Are the Different Types of New Products?

1.New-to-the-world products: They are new products that are new to the world. For example, the Uber app was a new concept to the world.

2.New-to-the-firm Products(new product lines): This product is new for the firm, which is not included in the firm’s product list. These products may not be new to the world, but for the firm. For example, P&G introduced shampoo as their product which was a New-to-the-firm Product of that firm.

3.Additions to existing product lines: It’s moreover like a product extension where you are adding up something new to the existing product. For example, each time when Colgate introduces a new flavor it’s an addition to the current product lines.

4.Improvements and revisions of existing products: These products are the latest or the updated version of the current product. The old product will be replaced with new, more efficient products.

5.Repositioning: It is nothing but changing the current image of the product when it’s presented in a new market- which is called launching. For example, when McDonald’s was launched in Japan, it was named Makudonarudo.

6.Cost reductions: These products deliver the same performance as existing ones but will be delivered at a lower price than the existing ones.