Creativity and innovativeness, as well as productivity, are some of the key aspects that ascertain whether a new product build by a business entity will be successful or not. The new product development process which is also known as the stage-gate innovation process is an inevitable step whether it is done under the most simple or sophisticated manner possible. Building and placing a new product in the business market can be a source of effective productivity and profitability to a business enterprise or just lead to failure and wastage of resources depending on the quality of procedure used. When the product working on the new product team collaborates and exhibits a quality performance and follow the process discussed below, there is the highest chance that the product will be highly marketable which is a sure determinant of organizational productivity, profitability, and success. Identifying all the organization's strengths, weaknesses, opportunities as well as the threats is the initial step in the new product development process. It is through understanding its immediate environment plus the market trends can the company beat its competitors through ensures that the product built is more affordable while still taking into consideration the ROI and all the popular costs to be incurred in the distribution process. The NDP process should also remember the vital aspects such as the scalable, lean and mean while still keeping it nimble and flexibility during the execution process. After understanding the environment comes the screening step which entails scrutinizing your competitors' business and product ideas as well as their market share. The process should exhibit the lowest costs since cost-effectiveness is the primary goal for each business innovation entity and operation in the contemporary world. Making comparisons of various competitors' product ideas ensures that the NPD process comes up with the finest idea ever. Testing the concept is another inevitable and essential part of the NPD process that can never be ignored. The screen concept slightly differs from the marketing test though they are often confused by most people. There are various tests involved in the testing phases which include the patent research, the due diligence designs among any other legalities that may be involved in the development of a new product towards ensuring that the product receives an exemplary reception once it is released into the business market and it beats competition as well. Other strategies for ensuring a successful NPD process are business analytics, the beta tests, technicalities and product development, commercializing and launching a review and ensuring effective pricing.
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