New Product Developement

1. Generate new product or idea

1.1. Find out what customers want or need. Focus on what the market wants

2. Developing the concept

2.1. Narrow down potential ideas and how your product can solve issues related to the customer. Keep quality in mind and document it.

3. Analyze and Screening process

3.1. Find out your net present value (NPV) to determine how much cash you might need.

3.2. Calculate your internal rate of return (IRR), the sum of the discounted cash flows equal to the initial investment.

4. Product Design Process

4.1. This is the product testing phase where a pilot product is produced and process designs are refined based on feedback from employees, suppliers and customer panels.

5. Final Product Testing

5.1. Use information gathered from the product design process to finalize your design to make it ready for launch to the customer.

6. Introduction into the Market

6.1. Ramp up production slowly to dial in quality. Then reach a level production capacity that'll match the market demands while trying to keep your manufacturing processes sustainable.