The New Product Development Process Essay example

836 Words Mar 3rd, 2016 4 Pages
Since many more adults are looking for a bicycle to commute to work, rather than a car, a now small market for bikes shows an opportunity to develop a bike that will tailor to consumer’s needs. After going through the first five steps of the new product development process, it is time for testing. After establishing the idea to expand the market of bicycles to fulfill consumer’s needs, we took the next step in the product concept development and screening. Here the decision was made for a lightweight, easy-to-store bike with technology features such as safety and also the speed of a road bike and sturdiness of a mountain bike. Further on decisions were made for the marketing strategy development, thoughts were established on the business analysis, and technical developments took place. Now it’s time to test market the bike!
Before distributing the bike on a national scale, seeing how the product will react on the market is of great importance. Test marketing the bike in one or more urban areas can come will some advantages as well as disadvantages and either way will help us indicate if taking on this product full force will be a good idea in the long run. Pulling the plug on a product is much too expensive and taking the time and energy to test market the product may eat up a lot of money now but will help us determine the future for the product. While it may be rather expensive, maybe even costing millions, doing this will help us view the products future. It is like test…

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