{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='What is New Product Development (NPD)? And How to Do it...' data-url='/boclips/videos/65d5c7e13b62064862d792ad' data-video-url='/boclips/videos/65d5c7e13b62064862d792ad' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWhat is New Product Development (NPD)? And How to Do it...\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eWe take it for granted when new products appear on the market. They must have been made by someone, who followed a process. And that process was the New Product Development, or NPD, process.What’s the connection between NPD and Project...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eWe take it for granted when new products appear on the market. They must have been made by someone, who followed a process. And that process was the New Product Development, or NPD, process.\u003cbr/\u003e\u003cbr/\u003eWhat’s the connection between NPD and Project Management?\u003cbr/\u003eMany Project Managers end up managing NPD Projects. So, an outline understanding of New Product Development may well be useful to you.\u003cbr/\u003e\u003cbr/\u003eNew Product Development is the process that takes a new product or service from conception to the marketplace. Within modern businesses, it is usually highly structured and well-documented, for two reasons:\u003cbr/\u003e\u003cbr/\u003e1. Efficiency\u003cbr/\u003eSpeed to market, investment cost, and risk will determine the commercial success of a new product. An efficient process can:\u003cbr/\u003e - speed the development lifecycle\u003cbr/\u003e - reduce the costs\u003cbr/\u003e - manage and eliminate risks\u003cbr/\u003e\u003cbr/\u003e2. Accountability\u003cbr/\u003eThe NPD process uses budget and creates risk. And it holds the future of the business in its hands. The implications of success or failure can be financial, reputational, and even existential.\u003cbr/\u003e \u003cbr/\u003eThe New Product Development Process\u003cbr/\u003eThere are many models of New Product Development processes. Here’s a conceptual model that illustrates the key features.\u003cbr/\u003e\u003cbr/\u003e1. New product strategy\u003cbr/\u003eOrganizational-tier strategy for how new products need to fit with an existing portfolio and serve the company’s mission and vision. Sets goals and objectives for any new product.\u003cbr/\u003e\u003cbr/\u003e2. Concept creation\u003cbr/\u003eVarious steps to this, including:\u003cbr/\u003e• Creating the new ideas \u003cbr/\u003e• Screening the ideas to find likely winners and eliminating those that don’t fit\u003cbr/\u003e• Structuring the best idea into a clear concept\u003cbr/\u003e\u003cbr/\u003e3. Design\u003cbr/\u003eHow people interact with, and experience, products and services. It affects which products or services we choose and what we are prepared to pay for them. Often, design is a key differentiator from competing products.\u003cbr/\u003e\u003cbr/\u003e4. Business Analysis\u003cbr/\u003eBefore a company invests in a product design, it must assess the likely commercial impact of the new product, to build an investment appraisal.\u003cbr/\u003e\u003cbr/\u003e5. Development\u003cbr/\u003eEngineering and problem-solving to craft a finished, marketable product. Ususally via pilots or prototypes.\u003cbr/\u003e\u003cbr/\u003e6. Marketing strategy\u003cbr/\u003eIncludes market testing with prototypes (and using beta test versions in the software world). The marketing strategy covers how the company will raise awareness of the new product and generate market demand. It will often focus on the 4Ps of Product, Place, Price, and Promotion.\u003cbr/\u003e \u003cbr/\u003e7. Commercialization\u003cbr/\u003eHow the company can make a profit from its new product or service and maintain a satisfactory cash flow? This takes in pricing, detailed marketing \u0026 sales plans, product launch plan, service and support packages, and more.\u003cbr/\u003e\u003cbr/\u003eWhat is a Fuzzy Front End?\u003cbr/\u003eA common model of New Product Development has four stages. These map onto the process above. I’ve indicated the mapping of steps in brackets:\u003cbr/\u003e1. Fuzzy Front End (1,2)\u003cbr/\u003e2. Design (3,4)\u003cbr/\u003e3. Implementation (5)\u003cbr/\u003e4. Fuzzy (or Messy) Back End (6,7)\u003cbr/\u003e\u003cbr/\u003eIt's often engineers who refer to the process of crafting new ideas as fuzzy because there is often little structure or clarity of direction. Product ideas change a lot during the Fuzzy Front End (FFE), as product managers seek to refine them.\u003cbr/\u003e\u003cbr/\u003eHowever, like the Definition Stage in Project Management, the FFE is crucial to the success of the end product. And therefore, it is vital to not rush through this stage. Some advocates argue for this step accounting for up to 50 percent of the time from first inkling to product launch.\u003cbr/\u003e\u003cbr/\u003e…and the Fuzzy Back End?\u003cbr/\u003eFor hard-nosed product engineers, the whole commercial and marketing piece is messy and imprecise. 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