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What is the first stage of New Product Development?
- a)Idea Screening
- b)Concept Development & Testing
- c)Business Strategy Analysis & Development
- d)Idea Generation
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
What is the first stage of New Product Development?a)Idea Screeningb)C...
The first stage of New Product Development is "Idea Generation." This stage involves gathering a variety of ideas from different sources, including internal sources, SWOT analysis, market research, customer feedback, and competition analysis. It is the initial step where a pool of potential ideas is generated for consideration in the product development process.
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What is the first stage of New Product Development?a)Idea Screeningb)C...
Understanding New Product Development Stages
The New Product Development (NPD) process consists of several critical stages that guide the creation and launch of new products. The first stage, Idea Generation, is crucial for setting the foundation for successful development.
What is Idea Generation?
- Idea Generation is the initial phase where various concepts and ideas are developed to solve a specific problem or meet a market need.
- It involves brainstorming sessions, market research, and gathering insights from customers, employees, and competitors.
Significance of Idea Generation
- Creativity and Innovation: This stage encourages creative thinking and innovation, allowing teams to explore diverse ideas without limitations.
- Diverse Sources: Ideas can come from various sources, including customer feedback, technological advancements, and industry trends, ensuring a wide range of possibilities.
- Foundation for Success: The quality and relevance of ideas generated will significantly impact subsequent stages, including concept development and testing.
Transition to Next Stages
- After gathering a pool of ideas, the next step is Idea Screening, where these ideas are evaluated for feasibility, market potential, and alignment with business goals.
- This strategic filtering is essential to focus resources on the most promising ideas that warrant further development.
In summary, Idea Generation is the first and vital stage of New Product Development, where the foundation for future success is laid by fostering creativity and exploring a broad spectrum of ideas.
The New Product Development (NPD) process consists of several critical stages that guide the creation and launch of new products. The first stage, Idea Generation, is crucial for setting the foundation for successful development.
What is Idea Generation?
- Idea Generation is the initial phase where various concepts and ideas are developed to solve a specific problem or meet a market need.
- It involves brainstorming sessions, market research, and gathering insights from customers, employees, and competitors.
Significance of Idea Generation
- Creativity and Innovation: This stage encourages creative thinking and innovation, allowing teams to explore diverse ideas without limitations.
- Diverse Sources: Ideas can come from various sources, including customer feedback, technological advancements, and industry trends, ensuring a wide range of possibilities.
- Foundation for Success: The quality and relevance of ideas generated will significantly impact subsequent stages, including concept development and testing.
Transition to Next Stages
- After gathering a pool of ideas, the next step is Idea Screening, where these ideas are evaluated for feasibility, market potential, and alignment with business goals.
- This strategic filtering is essential to focus resources on the most promising ideas that warrant further development.
In summary, Idea Generation is the first and vital stage of New Product Development, where the foundation for future success is laid by fostering creativity and exploring a broad spectrum of ideas.
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What is the first stage of New Product Development?a)Idea Screeningb)Concept Development & Testingc)Business Strategy Analysis & Developmentd)Idea GenerationCorrect answer is option 'D'. Can you explain this answer? for B Com 2025 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What is the first stage of New Product Development?a)Idea Screeningb)Concept Development & Testingc)Business Strategy Analysis & Developmentd)Idea GenerationCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for B Com 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the first stage of New Product Development?a)Idea Screeningb)Concept Development & Testingc)Business Strategy Analysis & Developmentd)Idea GenerationCorrect answer is option 'D'. Can you explain this answer?.
What is the first stage of New Product Development?a)Idea Screeningb)Concept Development & Testingc)Business Strategy Analysis & Developmentd)Idea GenerationCorrect answer is option 'D'. Can you explain this answer? for B Com 2025 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What is the first stage of New Product Development?a)Idea Screeningb)Concept Development & Testingc)Business Strategy Analysis & Developmentd)Idea GenerationCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for B Com 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the first stage of New Product Development?a)Idea Screeningb)Concept Development & Testingc)Business Strategy Analysis & Developmentd)Idea GenerationCorrect answer is option 'D'. Can you explain this answer?.
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