The new product development process

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.

Sample Solution

Establishing “go/kill” points is an important part of the new product development process. These are criteria used to decide whether or not to continue with a new product idea at various stages in the process. Go/kill points act as checkpoints and help make sure that resources are being used effectively by ensuring that only those products that have a high chance of success are taken forward. For example, go/kill points can be used during market research to ensure the product meets customer needs, or after prototyping to ensure it meets technical requirements. By establishing these points, companies can ensure they are investing their time and money into projects with potential and avoid wasting resources on ideas that will not succeed in the long run.

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