As depicted in Exhibit 9.2, broadly, there are four phases to new product development (NPD): ideation, concept development, product development and product launch. The activities and information needs listed for each of the phases in this Exhibit are covered in detail in the succeeding sections and chapters.
From a team perspective, a cross-functional approach where some activities can progress concurrently is strongly recommended as it improves the speed-to-market. It also improves communication across departments. Manufacturing for instance needs to translate the soft descriptors they hear from marketing into hard technical specifications, and would be better equipped to do so if involved throughout the NPD process.
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Is marketing education fluffy too?
Marketing simulators impart much needed combat experiences, equipping practitioners with the skills to succeed in the consumer market battleground. They combine theory with practice, linking the classroom with the consumer marketplace.