The process of introducing a new product or service to market is commercialization. Production, delivery, promotion, sales, consumer care and other core functions essential to the commercial viability of new goods or services are rigorous commercial activities. If a companies wants to fend off their competitors, they must constantly update their products to accommodate current trends.
Today, business environment is dynamic and competitive, so new product development is a critical process to survive. Commoditization of new products and/or services is a cycle from conceptualization to the eventual introduction of new products to market.
Typically, a company’s new product development process is divided into five stages: idea generation, planning, product design and prototyping, build and test and finally commercialization – sales and mass production.
Now, it’s time to make your own plans. There is no one size fits all solutions or development processes. Finalize your plan with our good prefabricated templates. Share your plans with your colleagues and team members.