New Product Development

New product development involves the following processes:

1.    Generation of new product ideas form R&D, production, customers, competitors and marketing
        researchers.
2.    Screening of ideas
3.    Market potential, cost of production, profit making and capital retirement are analyzed.
4.    Product development which is of teatimes consuming and costly. It involves the identification
       of the most economical manufacture method.
5.    Test marketing to identify drawbacks in the new product and to improve it further to market the
        product.
6.    Investment to develop and market the new products.

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