Product Development, a look inside the process.

New Product Development can be defined as the process of innovating and inventing new ideas and concepts, with a view to developing a successful new product in the anticipation of customer needs. The process of New Product Development involves various stages of inventing, testing, retesting, acquiring consumer attention and even redesigning, therefore making this process quite elaborate, costly and complicated depending on how the business wishes to make it. However, despite this process being elaborate, …

…in the value analysis process depends on the size of the business and the type of product involved. There is a danger however, that if the team is too large it may become burdensome and expensive which is counter-productive. If however the job is done well, the value analysis will ensure that the optimum value is gained for the product at the lowest possible cost and therefore makes a valuable contribution to New Product Development.