FAQs & More | Quick Answers

New product development (NPD) is the process of bringing a new product or service to the marketplace.

Your business may need to consider the process of new product development due to changes in consumer preferences, increasing competition, advances in technology, or to capitalize on a new opportunity.

Your business will thrive by understanding what the market wants, making smart product improvements, and developing new products that meet or exceed your customer’s expectations.

It is the process of taking a product or service from conception to market. The process sets out a series of stages that new products typically go through, beginning with idea generation, and ending with the product's introduction to the market. Occasionally, some of the stages overlap or vary depending on the nature of the business.

 

A reliable process will improve the design of your product or service, ensure that it meets market needs and requirements, and reduce the time and cost of development.

And, although we may not like to think about it, a thorough product development process reduces the risk of introducing a product or service that will ultimately fail.

The process should provide you with the answers to the following questions:

1. Is the opportunity real?

  • • What is the need?
  • • Can the customer buy?
  • • Will he or she buy?
  • • Is there a viable concept for the product?
  • • Is the company able to develop a workable concept?
  • • Does the product meet social, legal, and environmental standards?
  • • Is the product achievable? Can it be done? Is the technology available?
  • • Is there an advantage over other products? Is there a lot of competition? Can it be produced at a competitive cost?

2. Is it possible to be successful with this opportunity?

  • • Is there a competitive advantage? Is it sustainable?
  • • Does it fit with the “brand” of the company?
  • • Will it outperform its competitors?
  • • Do we have the resources to do it? (design, marketing, finance, production)
  • • Do we have the management to do it? (experience, culture, commitment, will)
  • • Do we know the market as well as or better than our competitors? (consumer behavior, channels, consumer wants, market view)

3. Is the opportunity worth it?

  • • What is the financial return?
  • • Are the risks acceptable?
  • • What can go wrong?
  • • Is it a fit for the company’s strategy?

NewHub is a membership portal specially designed to serve as the single point for information on new product development. It is a collection of worksheets and content - videos,guides,templates and tools -- specifically... structured to assist you in moving through the various stages of new product development, from idea generation to product launch.

As a member, the portal provides you with numerous benefits. It allows you:

  • • To plan out your new product or service idea over time.
  • • To save your data as you go along.
  • • To return to your work at a later date.
  • • To access a wide range of resources – resources for bringing that new product or service to market, as well as for on-going operations after product launch.

Membership is through a subscription to NewHub. Check the Become a Member page for the various subscription options and fees.

A project is your idea for a new product or service. The portal is organized to allow you to work through the various stages of new product development, from idea generation to financing.

 

The worksheets are on-line forms that will allow you to: (1) record the results of your research into your new product or service; and (2) perform certain calculations concerning costing, pricing, breakeven, start-up costs, return on investment and cost of capital.

We take your security and privacy concerns seriously. We strive to ensure that user data is kept securely and that we collect only as much personal and project data as is required to provide our services to you in an efficient and effective manner.

To register for the Portal, click on the BECOME A MEMBER button in the Main Menu bar.

No. We use the Stripe payment service and, therefore, we do not see or retain any information about your credit card.

If you forget your password, click on the “Forgot Your Password” link. You will be asked to enter your email address, and a system generated email will be sent to your email address.

 

You create a project by going to the MY CURRENT PROJECTS page and entering your project name under CREATE A NEW PROJECT.

Ultimately, you control the way you use the worksheets and the order in which you do them. However, the worksheets are organized according to the various stages of new product development and, therefore, we recommend that you do the worksheets in the order they are given.

Yes, you can edit any worksheet at any time.

The portal is a web application and can be accessed via any internet-connected device, including computers, tablets, and smartphones. You may find that entering data in a worksheet when using a smartphone to be a bit challenging, given the size of the screen. It can be done, but you may find the larger screens on tablets and computers to be more convenient.