new product development

Although few new products survive, companies constantly seek new ones. Specialist agencies plan the total operation whereas normal agencies are usually just presented with the product to advertise, at which stage it can be too late.

New product development follows a six-stage model: generation of idea; screening to check whether the idea is compatible with business objectives and resources; business analysis to measure the effect in cost and profit; refinement of technical details including branding, packaging; test marketing; and launch.

Synonyms: NPD

The expert's thoughts on direct response - growth hacking - performance-based marketing activities - DIRECT MARKETING