The 7 stages of NPD and how to effectively manage product innovation

Innovation Management is crucial in the process of developing a new product to achieve successful commercial launches. The New Product Development (NPD) process comprises seven stages, from ideation to commercialization, and requires a systematic approach. The idea generation stage involves creating a larger pool of ideas from various resources, including internal and external sources. The adequate screening of ideas stage requires the assessment of which ideas are workable and valuable to the company. The concept testing stage researches the market viability of the new product, while the business analysis stage generates a complete picture of the product. The product development stage builds basic prototypes, followed by test marketing, and finally, commercialization. Collaboration and mobilization of the knowledge and expertise of the community increase the likelihood of success when launching a new product.