Bill Barrett - Marketing and Sales Specialist
New Product Development Process
Market Research to Identify Problems and Opportunities Brainstorm Product Ideas Voice of the Customer Research
Product Development Pricing Research Product Launch
New Product Development Process

The New Product Development Process operates as a pipeline.  The process begins with continuous market research to reveal market problems.  Market problems represent opportunities for new products.  At each step of the process, the project is evaluated financially to determine if it can be completed profitably.  The goal is to continuously introduce into the market to address new opportunities or replace older obsolete products.  The process is shown in the diagram below.

The 6 Phases of New Product Development
  1. Phase 1:  Market Research
  2. Phase 2:  Analysis and Brainstorming
  3. Phase 3:  Targeted Voice-of-the-Customer Research
  4. Phase 4:  Product Development
  5. Phase 5:  Validation and Pricing Research
  6. Phase 6:  Product Launch

Quality Function Deployment: How to Make QFD Work For You, by Lou Cohen

Quality Functional Deployment (QFD) is a methodology to translate market requirements into engineering specifications.  Learn how to incorporate QFD into your product development cycle.  Quality Function Deployment: How to Make QFD Work For You by Lou Cohen starts with the basics and introduces the QFD process.  After an overview of QFD, Cohen guides you into the more advanced techniques with practical applications.  If you own only one book on QFD, this should be it. Buy it now!

The Strategy and Tactics of Pricing: A Guide to Profitable Decision Making, by Thomas T. Nagle and Reed K. Holden

Learn how to capture the maximum price for your products using value-based pricing.  Nagle and Holden's The Strategy and Tactics of Pricing shows you step-by-step how to apply value-based pricing techniques to set the optimal price.  Pricing is the most important aspect of product marketing.  The right price will delight customers and give you and your company maximum returns.  This is a must-have for every Product Marketing Manager. Buy it now!