Steps in The New Product Development Process

Step 1. Complete the environmental scan

  1. Industry Overview
  2. Description of the Business

Step 2. Develop a strategic direction

  1. Vision Statement
  2. Mission Statement
  3. Values Statement
  4. Generic business strategy
  5. Competitive strategy

Step 3. Complete the Proof-of-Concept Analysis (Project feasibility)

  1. Marketing
  2. Technical
  3. Operations
  4. Financial

Step 4. Pre-production Stage (The prototype)

  1. Marketing
  2. Technical
  3. Operations
  4. Financial

Step 5. Commercialization Strategy

  1. Commercialization Options
  2. Licensing Issues
  3. Manufacturing & Distribution

Step 6. Write the Business Plan

  1. Executive Summary
  2. Overview of the Industry
  3. Description of the Business
  4. Goals & Objectives
  5. Technology Plan (if a technology product)
  6. Marketing Plan
  7. Manufacturing Plan
  8. Human Resources Plan
  9. Financial Plan