Process of effective New Product Development

Introduction

“New product development” process is an inter-department collaborative approach to ensure that the probability of success of new product launched becomes higher. NPD is not the only domain of Food Technologist but, its collaborative effort of each team member in an industry like marketing, supply chain, procurement, manufacturing, sensory science etc. For an effective “New Product Development” most of the companies follow a structured process which strategically joins the dots of consumer requirement, business strategy, right resource allocation, seamless execution, and diligent follow ups. 

In this course we will learn about entire New Product Development process with practical examples from our life and from food industry. 

Section 1: Why we need innovation? – FREE

In this section we will learn about why any company needs innovation. Taking practical examples from around ourself, we have tried to explain why we need innovation. 

Section 2: Understanding consumer value proposition 

Understanding how to increase consumer value proposition is very important for any innovator. All innovation starts with understanding what consumer wants. So, in this section we will understand how a consumer calculates the benefit from the product for which they are paying price. 

Total Time: 12:08 min

Section 3: Understanding innovation model

Innovation model is step-wise strategic process that strategically joins the dots of consumer requirement, business strategy, right resource allocation, seamless execution, and diligent follow-ups. In this section, we learn how a company strategizes before deciding on a new product to be launched. 

Section 4: Introduction to Stage-Gate process

Stage-Gate process is a copyright process generally accepted widely across the industries. In this section, we will learn how the concept of the innovation model in converted into Stage-Gate process. We will also learn how different stakeholders come together, complete certain actions, evaluate them before going to next step. In this way a matured company converts idea to product step-wise and ensure that their probability of success is higher.