NEW PRODUCT DEVELOPMENT CONCEPTUAL WITHIN THE LEGAL FRAMEWORK
MSZ pharma and fast-moving consumer goods (FMCG) Consultants specialize in New Product Development (NPD) within the legal frameworks of the Ministry of Health (MOH) and Dubai Municipality (DM) regulatory authorities. Providing end-to-end services to the customer’s requirements under one roof.
New Product Development (NPD) covers a complete procedure to bring a new product to the market. A central aspect of the New Product Development (NPD) is product design., alongside several business considerations. New Product Development (NPD) is described extensively as the transformation of the market opportunity within the product available.
Steps of Product Development
- New Product Strategy – Innovators have defined their objectives and goals clearly for a new product.
- Idea Generation – Collective conceptualizing thoughts by inner and outer sources.
- Screening – Condense several conceptualized thoughts.
- Concept Testing – Structure a thought into a detailed idea.
- Business Analysis – Understand the profits and cost of the new product and deciding whether they meet organization objectives.
- Product Development – Developing a product.
- Market Testing – Marketing mix is tested through the trial run of the product.
- Commercialization – Introducing a product to the public.
New Product Development predevelopment activities are summa rised
- Preliminary
- Technical assessment
- Source of supply assessment: partners and suppliers or alliances
- Market Researching: market segmentation and size analysis, Voice of the customer (VoC) research
- Product thought to test
- Customer value assessment
- Product definition
- Financial and business analysis
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