iSeeit!: New Product Development

To develop new products and services efficiently, organizations go through a process to ensure that their products are ready for market. This process is meant to evaluate interest in a product and helps to increase the chances of success within the marketplace. Hope Springs Water Co$.$ is using this process to identify opportunities to develop new complementary offerings to its bottled water. As Julie and her marketing team look for product$-$expansion opportunities, they are approached by a supplier who would like them to distribute a natural flavoring additive. Before they agree to distribute the new product, they need to ensure marketplace interest and preliminary sales data support an expensive, national launch. By using an organized new$-$product development process, Hope Springs can make decisions based on hard data and a structured process instead of guessing whether this new additive will be successful within the marketplace.

The new$-$product development process is a set of stages that an organization goes through to identify opportunities and convert them into profitable products or services. From idea generation to screening to idea evaluation and then to development and ultimately commercialization, following the process increases the chances of new$-$product success within the marketplace. This video and the questions that follow assume a reading of chapter $9$ in Essentials of Marketing.

Click the button to watch the video. Then, answer the questions that follow.