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New Product Development
Idea Generation- Create some ideas using trends you have found during market research, a gap you
have found in the market, or using methods or ingredients that have recently become available.
Idea Screening- Identify your target market and see whether you think people will want to buy your
product. Is it original? Is there a gap in the market for your product? Is the product viable for
Concept Development and Testing- Pick out any areas in which your product could be improved on
and attempt to make those improvements; try different flavours, appearances etc. Use market
research to see what the public thinks about your idea, if they don't like it, they won't buy it.
Marketing Strategy and Development- Think about your products unique selling point and use it to
make a good marketing scheme that will make people want to buy your product.
Business Analysis- Estimate how much your product will sell for judging by public demand and the
price of other similar products on the market? Consider how much you will expect to sell and the
profit you expect to make.
Beta-Testing- Make a mock-up of your product, test it and the packaging with members of the public
to see whether they like it, and if they don't you may have to start developing your product again.
Make adjustments if you need to.
Commercialisation- Launch the product in trial areas on special offer to encourage people to try it,
see whether it sells. If it does, increase the sales to a national scale. Advertise your product in the
media to make the public aware of it.
I D E A A T J F H Y S X N P G S
G B J X A A P H S Q Z F A E Y C
E V S O Q N I L C O C Q R G W O
N A E V Z A G M R O R A D Q U R
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