-Divyanshu Pal Nagar, IITK

3.What is the best way to manage the new-product development process ?

Many top companies use the stage-gate system to divide the innovation Process in stages with a gate or Checkpoint at the end of each

The stages of new-product development process are actually various check-points

1. Idea generation

Is idea worth considering ?

2. Idea screening

Is the product idea compatible withCompany objectives, strategy and resources ?

3. Contest development and testing

Can we find a good concept consumers say they would try ?

4. Marketing strategy development

Can we find a cost effective, affordable marketing strategy ?

5. Business analysis

Will this product meet our profit goal ?

6. Product development

Have we got a technically And commercially sound project ?

7. Market testing

Have product sales met expectations ?

8. Commercialization

Are product sales meeting expectations ?