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The New Product Development (NPD) process is a structured approach used by businesses to bring new products to the market. It plays a central role in product and brand management by enabling firms to innovate, sustain competitiveness, and respond to dynamic consumer needs. A well-managed NPD process helps in reducing product failure rates, improving customer satisfaction, and strengthening brand equity. The process involves several sequential steps, each critical for transforming an idea into a marketable product. 1. Idea Generation This is the first stage where ideas for new products are collected. These ideas can be sourced internally from employees, research and development teams, or management, and externally from customers, competitors, market trends, distributors, or consultants. Techniques such as brainstorming sessions, SWOT analysis, and customer feedback surveys are often employed. Idea generation aims to develop a large pool of potential product concepts without immediate judgment, encouraging creativity and innovation. 2. Idea Screening The second stage involves filtering out unfeasible or non-profitable ideas from the idea pool. The purpose is to identify those ideas that align with the company’s objectives, resources, capabilities, and brand positioning. At this stage, each idea is evaluated based on factors like market potential, technical feasibility, customer _____ ________ ______ __________ _________ ________ ____ ____ _____ ____ _________.
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