top of page

New Product Development

IDEA --> SCREEN --> CONCEPT --> ANALYSIS --> STRATEGISE --> DEVELOP --> TEST --> COMMERCIALIZE

Our New Product Development (NPD) process is a comprehensive journey, transforming innovative ideas into market-ready products. It is the strategic metamorphosis of a market opportunity into a tangible and viable product for sale and consumption. At Seloriz, we collaborate with you to seamlessly integrate our NPD process with your company's internal product development strategy, ensuring a successful product launch. The NPD process comprises eight major steps, each meticulously designed to guide your product from ideation to commercialization.

 

The Eight Major Steps in Our NPD Process:

 

Idea Generation: 

  • Involves the generation of hundreds or even thousands of ideas.

  • Ideas can originate from internal sources within the company or external sources from outside.

 

Idea Screening:

  • Separates the good ideas from the less promising ones.

  • Only the most promising product ideas proceed to the next stages for development.

 

Concept Development and Testing: 

  • The best ideas are developed into a detailed product concept.

  • Tested with target consumer groups to evaluate customer appeal.

 

Marketing Strategy Development: 

  • Development of a comprehensive marketing strategy for the product.

  • Includes defining the target market, outlining planned pricing, and establishing long-term sales and profit goals.

 

Business Analysis: 

  • Review of sales, costs, and profit projections for the new product.

  • Evaluation of whether these factors align with the company's objectives.

 

Product Development: 

  • The product concept, having passed necessary tests, is translated into a physical product.

  • Ensures the creation of a viable marketing offering.

 

Test Marketing: 

  • Testing the product and its proposed marketing strategy in realistic market settings.

  • Gathers valuable insights and feedback before a full-scale launch.

 

Commercialization: 

  • The final stage is where the new product is introduced to the market.

  • Execution of the comprehensive marketing strategy developed earlier.

 

Seloriz's collaborative approach ensures that each step of the NPD process is meticulously executed. We leverage a wealth of expertise to navigate through these stages seamlessly, ensuring that your product not only meets market expectations but exceeds them. From ideation to commercialization, our NPD process is your pathway to innovation and market success.

bottom of page