Just as there are processes for innovation, there are also processes for new product development. The new product development process involves taking a product from conception to market. Specifically, this process usually has a series of stages that a new product typically goes through—beginning with ideation and concept generation, to the product’s introduction to the market. Products follow a product lifecycle, so new product development plays a significant role in the success of a company.
This week, you will look at the new product development process. The new product development process is focused on developing systematic methods to guide all the processes involved in getting a new product to market. These processes help reduce the new product failure rate. The new product failure rate is referred to as the percent of new products actually introduced to the market that fail to meet commercial objectives of the business unit that launched the product. Although some research indicates that 80 percent of consumer products fail, Castellion and Markham (2013) indicate this is an urban myth and state, “the actual product failure rate is around 40%” (p. 976). But even 40 percent is a significant percentage; therefore, an effective new product development process is essential. There is not one single model to use for new product development, and you will find models with different numbers of steps. However, you will find similarities among all of them. It is recommended that you review several of these models before completing this week’s assignment.
For this assignment, choose a new product from an industry you are familiar with and develop a table in which you include the following:
Explain the steps and the main task(s) that must be completed in the new product development process.
Explain why these steps are important.
Describe the challenges that are presented in each step.
In addition to the table, make sure to include an introduction, summary, and conclusion.
Support your paper with a minimum of three scholarly/peer-reviewed resources published in the last 5 years. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.
Length: 3-5 pages not including title page and references
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