New Product Development.docx

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Western University
Management and Organizational Studies
Management and Organizational Studies 2320A/B
Angela White

New Product Development 2192012 11900 PM New Product Development Strategy y A firm can obtain new products in two ways o Acquisitionbuying a whole company patent or license o New product developmentoriginal products product improvements modifications and new brands that the firm develops through its own research and developmentProduct Development Process y Idea generationthe systematic search for new products o Internal idea sourcesthrough formal research and development o External idea sourcesdistributors suppliers competitors etc y Idea screeningscreening newproduct ideas to spot goods ideas and drop poor ones as soon as possible o Is it real Is it worth doing y Concept development and testing o Product concepta detailed version of the new product idea
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