In your opinion how many gates or stages should a new produc

In your opinion, how many gates or stages should a new product development process have? Would you eliminate any of the gates enumerated in the text? Why, or why not?

Solution

Step 1: Generating

One can differentiate themselves from the competitors by having ideologies which take affordability, ROI, and widespread distribution costs into account.You should develop multiple versions of your road map to suit different types of risks of projects.

Step 2: Screening The Idea

Set specific criteria/conditions basis which ideas should be continued or dropped and poor projects can be sent back to the idea-hopper early on.

Step 3: Testing The Concept

This step is to ask on one question which is \"Does the consumer understand, need, or want the product or service\"?

Step 4: Business Analytics

During the Development process, build a system of metrics to monitor progress. Include input measures like average time in each stage, as well as output that measures the value of the launched products,new product sales percentage and other figures.

Even if an idea doesn’t turn into product, it can be a valuable asset for other future products and for learning and growth.

Step 5: Marketability Tests

Arranging private tests groups and forming panels after the product or products have been tested will provide you with information that allows last minute improvements and tweaks.

Step 6: Technicalities + Product Development

Provided the technical aspects can be perfected without alterations to post-beta products, heading towards a smooth step 7 is imminent. According to Akrani, in this step, “The production department will make plans to produce the product. The marketing department will make plans to distribute the product. The finance department will provide the finance for introducing the new product”.

As an example; In manufacturing, the process before sending technical specs to machinery involves printing MSDS sheets, a requirement for retaining an ISO 9001 certification (the organizational structure, procedures, processes and resources needed to implement quality management.)

In internet jargon, honing the technicalities after beta testing involves final database preparations, estimation of server resources, and planning automated logistics. Be sure to have your technicalities in line when moving forward.

Step 7: Commercialize

At this stage, consumers are purchasing your goods or service, keeping your distribution pipelines loaded with products. As one prefers not to give space to competitors, refreshing advertisements during this stage will keep your product’s name into the minds of consumer.

Step 8: Post Launch Review and Perfect Pricing

Review product efficiency and look for improvements continuosly. Mostly new products are launched with introductory pricing. In this final stage, you’ll look at the overall value relevant to COGS (cost of goods sold), making sure internal costs aren’t overshadowing new product profits