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The Process of New-Product Development

When company face a problem‒ they must develop new products, but the odds weigh heavily against success. In all to create successful new products, a company must understand it consumers, markets and competitors and develop product that deliver superior value to customers. To create and produce new products, companies must follow some fundamental steps such as ---
Idea generation, Idea screening, Concept development and testing, Marketing strategy development, Business analysis, Product development, Test marketing and Commercialization.

So, Our INFINITY Company also followed the steps to develop and produce our new products. The process are mentioned below--

Idea Generation:
New product development starts with idea generation. It is the systematic search for new-product ideas. A company typically generates hundreds of ideas, even thousands, in order to find a few good ones. Major sources of new-product ideas include internal sources and external sources such as customers, competitors, distributors and supplies and others.

Our INFINITY Company searched for new production ideas. Finally we get some acceptable ideas such as all in all shampoo, Gasp seving net, toothpaste etc. We find ideas through formal research. We know the search for new product ideas should be systematic rather than hapzard. ➢ We appoint our most senior person Mr. Mukter Hossain to be the idea manager. ➢ We create an idea management committee. ➢ Our company set up formal recognizing programs to reward those who contribute the best ideas.

Idea scanning:
The first idea reducing stage is idea screening which helps spot good ideas and drop poor ones as soon as possible. Product development costs rise greatly in later stages, so the company wants to go ahead only with the product ideas that will turn into profitable

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