IDENTIFYING CRITICAL STEPS IN THE NEW PRODUCT DEVELOPMENT PROCESS

Published literature suggests that the product development process can be divided into different stages or phases ranging from a three- to an 11-stage process. The goal of the new product development process is to bring a new product to marketplace with the least amount of uncertainty. When each stage or phase successfully passes the management decision from the company and moves forward, the probability of a successful product in the marketplace will be much increased. Product development processes have been proposed with respect to either technology or marketing. However, the concept development, prototyping, and commercialization are critical steps to a successful new product development process. In addition to the critical steps previously identified, the following key elements need to be performed along with a typical project to ensure a successful product: Developing a strategic plan, forming a cross-functional team, managing a project and involving logistics in the early stage of the development.