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Concept verification and testing

Once a new product idea has been generated, it is important to verify that there is a market for the product and that the product is technically feasible. This can be done through market research and prototyping.

In this example, the company conducted market research to determine if there was a demand for healthy snacks. They also created prototypes of the snacks and tested them with potential customers. The feedback from the customers was positive, and the company decided to proceed with the development of the new product line.

Actual development

Once the concept has been verified and tested, it is time to develop the actual product. This involves designing the product, developing the manufacturing process, and sourcing the necessary materials.

In this example, the company hired a team of engineers to design the new snacks. They also developed a manufacturing process and sourced the necessary ingredients.

Test marketing

Once the product has been developed, it is important to test market it before launching it on a large scale. This involves selling the product to a small group of consumers and gathering feedback.

In this example, the company test marketed the new snacks in a select number of stores. The feedback from the consumers was positive, and the company decided to launch the new product line nationally.

Go/kill points

Throughout the new product development process, there are a number of go/kill points. These are points at which the company decides whether to proceed with the product or abandon it.

Some common go/kill points include:

• After the idea generation stage: The company may decide to abandon the product idea if they believe that there is no market for the product or that the product is not technically feasible.
• After the concept verification and testing stage: The company may decide to abandon the product idea if they believe that there is not enough demand for the product or if the product is not well-received by potential customers.
• After the actual development stage: The company may decide to abandon the product idea if they believe that the product is too expensive to produce or if the product does not meet their quality standards.
• After the test marketing stage: The company may decide to abandon the product idea if the product is not well-received by consumers.

Conclusion

The new product development process is a complex one, but it is essential for companies that want to stay competitive and meet the needs of their customers. By following the steps in the process and carefully considering go/kill points, companies can increase their chances of success in developing and launching new products.

In addition to the above:

Possible modifications based on feedback from potential customers:

• Taste: Customers may provide feedback on the taste of the new product, which can lead to modifications to the recipe.
• Texture: Customers may also provide feedback on the texture of the new product, which can lead to modifications to the manufacturing process.
• Packaging: Customers may also provide feedback on the packaging of the new product, which can lead to modifications to the design or materials used.
• Price: Customers may also provide feedback on the price of the new product, which can lead to adjustments to the pricing strategy.

It is important to note that not all customer feedback will be valid or actionable. Companies need to carefully evaluate customer feedback and determine which feedback is most relevant to their target market and their business goals.