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Trace a real or hypothetical new product through the steps in the new product development process, including idea generation, concept verification and testing, actual development, and test marketing. Discuss the establishment of “go/kill” points, meaning the criteria used to determine whether to proceed with the new product idea or abandon it at various stages in the process.
The idea generation stage should include potential sources of ideas such as trend monitoring, serendipity, or customer focus groups. The concept testing stage should include possible modifications based on feedback from potential customers, such as asking customers how this new product idea compares with present ways of the need the new product is intended to satisfy. Include references, citation format is 500 words.
Idea Generation: The idea for our hypothetical new product comes from a customer focus group. After conducting market research, the company determined that there was an unmet need in the electronics arena. Each member of the focus group provided his or her opinion on how to best meet this need, resulting in a wide variety of ideas.
Concept Verification and Testing: After gathering all potential ideas for the new product, concept verification and testing begins. This could involve seeking feedback from experts outside of the organization who are knowledgeable about this particular area in order to determine whether or not it is feasible to create such a product. Additionally, surveys may be conducted with potential customers as well as existing users of similar products in order to get their opinions on what would make a successful product and if they would use it. At this point, “go/kill” points are established; these criteria will determine whether or not the new product idea should proceed through development based on its feasibility and marketability according to those surveyed during concept verification and testing.
Actual Development: If enough positive feedback is received regarding the viability of creating such a new product and it passes predetermined “go/kill” points, then actual development can occur. Once again, input from various sources – including customers – might be sought throughout this stage in order to ensure that all desired features are included prior to launch.
Test Marketing: As part of any development process for a new product, some form of test marketing must take place prior to full-scale production launch into the target market(s). During test marketing phase, more “go/kill” points may be established based on customer reactions and usage as well as sales figures generated by limited-time promotions at select locations (eCommerce sites or physical retailers). If sufficient interest is gathered during this phase – both consumer interest in purchasing as well as analysts’ opinions on market trends – then further investment can occur before rolling out full-scale production efforts across multiple channels (eCommerce sites or physical stores).
Overall, establishing several “go/kill” points throughout each stage within the process is essential when developing any type of new product offering; without these key decision milestones during each step along way we cannot measure whether our proposed idea has met consumer demands sufficiently nor have we determined if enough value lies within said offering so that it warrants further investment towards its completion/production launch. By properly assessing each question posed at every stage within design process should ensure maximum success when launching any sort of innovative venture moving forward!