How do you develop a new product concept?
Michael Gray
Updated on February 09, 2026
To start developing your plan, undertake the following 6 steps.
- Research your idea. Do a thorough business analysis:
- Make or build and test your prototype. Get a working prototype of your new product.
- Write a marketing strategy and plan.
- Launching your product.
- Keep reviewing your product.
- Protect your idea.
What are the concepts of developing a product?
Basic Concept of Product Development
- Introduction:
- Product development, also known as new product development or management, is a sequential order of steps which involves the idea generation, screening, designing, developing and marketing of newly produced or newly rebranded products or services.
What are the main stages in developing new product?
New product development is the process of bringing an original product idea to market. Although it differs by industry, it can essentially be broken down into five stages: ideation, research, planning, prototyping, sourcing, and costing.
How to develop a new product from concept to market?
The new product development process in 6 steps New product development is the process of bringing an original product idea to market. Although it differs by industry, it can essentially be broken down into six stages: ideation, research, planning, prototyping, sourcing, and costing.
What are the stages of new product development?
The new product development process in 6 steps New product development is the process of bringing an original product idea to market. Although it differs by industry, it can essentially be broken down into five stages: ideation, research, planning, prototyping, sourcing, and costing.
Who is responsible for the development of a new product?
New product development is development of altogether new product so far as the company is concerned. There is a misconception that new product development is the sole responsibility of the production related departments of an industry. This must be actually done jointly by the production related departments and the marketing department.
Are there alternatives to a new product development idea?
For every feasible new product development idea, multiple alternative concepts can be created, from which your company can select the one most likely to appeal to your target audience. These alternatives can vary according to several factors, such as quality, price point, features and comfort/convenience of use.
