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Stages of New Product Development

1) Needs Assessment

Needs Assessment is an integral part of successful new product development. Successful new product development requires the marketer to identify opportunities, conduct product needs assessment and then develop new products better and faster than competitors. Information from the target audience to identify opportunities and conduct product needs assessment is critical for new product success.

Product opportunity identifies underserved needs that can be exploited with a new product or with an existing product marketed differently.
Population Segments Present Special Opportunities

Consumers and target segments are not monolithic. There may be smaller groups within your segment that present a special opportunity to the company that can best meet their unique needs. Market segmentation can help you uncover which features and benefits are most important to your target segment is critical to developing successful new products.

New Product Development Research May Include Tracking

2) Product Concept GenerationResearch

Marketing research can be designed to develop and refine new product concepts. With some understanding of unmet needs in the market place, product concept generation research can help with identifying potential product design elements and feature concepts that could address those needs. These design elements and features should then go through product concept screening research for further testing, to determine which concepts (or combination of concepts) have the highest probability of adoption and success.
Qualitative Research

In-depth interviews and focus groups are very productive for product concept generation and screening research by offering an excellent opportunity to understand decision processes. The rich, varied and expressive results can bring new product ideas to light for your team. Additionally, the flexibility of qualitative research techniques allows for respondent creativity, enhancing potential outcomes.
Quantitative Research

Now you have a great new product idea, new product concept testing will help you with critical questions like:

What is the potential market size?
Will customers pay more for this product than for existing products addressing the same need?
How strong are the individual component features in terms of meeting customers’ needs?

Conjoint, MaxDiff analysis and other techniques allow you to segment the market to identify the high-potential target market. Understanding the value of features and benefits that have the highest appeal to your target market through new product concept testing allows you to craft the most effective marketing communications to facilitate adoption of new products

3) Before Launching, Do Test Market Research

For many companies, the new product development process comes together in the test market research phase, which gives detailed and accurate information about potential marketing challenges and opportunities. Finding out how real consumers in real markets interact with real products and real competition through product market tests is key to successful new product development.

For consumer products, test market research often consists of limited release, confined-home use studies. For business-to-business products, a beta test creates the same situation. Virtual reality, test kitchens and other settings can also provide product market tests information.
New Product Development Research Comes Down To Product Launch

Product launch is a process that is filled with additional risk for the marketer. Using research to monitor the progress of your product launch can help you find additional opportunities and to avoid pitfalls. Tracking awareness, trial, and adoption can help you monitor the progress of your new product and make course correction to maximize new product or service success.