Running Head: NEW PRODUCT PLANNING
New Product Planning
NEW PRODUCT PLANNING
New Product Planning and development refers to a set of functions and concepts that are
aimed at aligning business operations towards the designing, engineering, and all other processes
involved in the production of a new product. Product planning is an essential process that ensures
that the product takes minimal time possible to be marketed once it has been developed. It is a
process that aids in uncovering new revenue streams to the designed product. Product planning
and development is essential for ensuring a successful product launch; it, therefore, handles new
product from the time of production conception all through the design process up to the time the
product is launched into the market successfully.
New Product Planning and Development Process
Before a new product is developed, different concepts and ideas are brought together and
analyzed to determine how viable the ideas are. The opportunity analysis plan is a crucial stage
in the product planning and development as it is in this stage where the viability and success of a
produced are analyzed (Chen, Ko & Yeh, 2017). For the ideas to pull through this stage, they
must portray high chances of success failure to which they are dropped and new ideas examined.
If the opportunity analysis is poorly done, chances are the new product launch will be a failure. It
is, therefore, important to critically analyze the opportunity to determine its success rate before
pushing on to the development process.
Once new product ideas have gone through the opportunity analysis, they will require to
be refined and developed for the actualization of the product ideas. This is the refinement process
that entailed the product planning and development processes (Dolgun & Köksal, 2017). The
refinement process is divided into different stages. The stages entail the product idea generation
NEW PRODUCT PLANNING
stage, idea screening stage, the product concept development stage, commercial feasibility stage,
the product development stage, test marketing stage, and finally, the product commercialization
stage. These are essential product planning and development processes that ensure successful
product development and successful product launch.
Generation of New Product Ide...
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