New Product Development Process For Small Businesses Essay
New product development processes
New product development is an essential process to survive in competitive market, this is important for small and large business as well. But small business environment today is very dynamic and competitive. For small enterprises to withstand competition from multinationals, they have to continuously update their products to conform to current trends. The new product development process is the cycle that a new product has to undergo from conceptualization to the final introduction into the market. Five phases guide the new product development process for small businesses.
This is the initial stage where a business sources for ideas regarding a new product. Some of the sources for new product ideas include the business customers, competitors, newspapers, journals, employees and suppliers. Small businesses may be limited when it comes to technical research-based idea generation techniques. This stage is crucial as it lays the foundation for all the other phases, the ideas generated shall guide the overall process of product development.
The generated ideas have to go through a screening process to filter out the viable ones. The business seeks opinions from workers, customers and other businesses to avoid the pursuit of costly unfeasible ideas. External industry factors affecting small businesses, such as competition, legislation and changes in technology, influences the enterprise 's decision criteria. At the…