New Product Development

At the heart of the innovation process is new product development. Most organizations have a delineated process for developing new products or services: opportunity identification, concept generation, product evaluation, product development, and product launch. Let us examine each of these:

Opportunity Identification

Where do new business ideas come from?

•    Sales people. They have a good handle on what customers want.

•    Customers. They usually know what they need and what would make their lives easier.

•    Emerging markets. A middle class with purchasing power has emerged in India and China.

•    Crises. 9/11 created an expanded market for security-based products and services.

•    Periphery Markets. New inventions ...

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