Section 5
New Product Development
By Boundless
Innovation is the creation of better, more effective products, processes, services, or technologies.
![Thumbnail](../../../../../../figures.boundless-cdn.com/23990/raw/swot-en.jpg)
New product ideas can generate from existing frustrations using a certain product, or a desire to do something better or more simply.
![Thumbnail](../../../../../../figures.boundless-cdn.com/15116/square/5061260090-3f5804ae89.jpeg)
Product development is idea generation, screening, business analysis, technical development, manufacturing, testing, and commercialization.
![Thumbnail](../../../../../../figures.boundless-cdn.com/16358/square/4666982875-a059f0fe6c.jpeg)
Idea screening attempts to eliminate unsound product concepts prior to devoting resources to them.
![Thumbnail](../../../../../../figures.boundless-cdn.com/16361/square/13574411bc178fe6629fc8a356.jpg)
The focus of the business analysis is primarily on profits, but other considerations such as social responsibilities may also be involved.
![Thumbnail](../../../../../../figures.boundless-cdn.com/14987/square/environmental-chamber.jpeg)
The objective of testing is to test all the variabilites in the marketing plan, including elements of the product.
![Thumbnail](../../../../../../figures.boundless-cdn.com/16363/square/2392499111-8c14b619db.jpeg)
Once a product is ready to take to market, commercialization involves key decisions about distribution, promotion, and pricing.