Strategic Elements of Product Development

New Product Development Process The new product development process is the second strategic elements of product development. It is important for company to manage their new product into the market. As stated by Cooper (1994), “a formal blueprint, roadmap, template or thought process for driving a new product project from the idea stage through to market launch and beyond” (p.3). Crawford and Di Benedetto (2011) also mentioned that the new product process is the way from idea to the period of establishing and beyond for a new product to go through. There are five phases that a new product has to go through. The first phase of the new product process is opportunity identification and selection. In this first phase, opportunities are being determined creatively. New products opportunities are being generated as spinouts of the current business operation, latest products suggestions, modification in marketing plan, alteration of resource and the demand in the marketplace (Crawford & Di Benedetto, 2011). In order to yield these opportunities, three main streams of activity are functioned as guidance to the company. The three main streams are ongoing marketing planning, ongoing corporate planning and special opportunity analysis. From these three activities, opportunities such as an underutilised resource, new resource, external mandate and internal mandate can be discovered. Then these opportunities are being examined comprehensively and completely in order to make sure that there is sales potential in the current market. All resources from the opportunities are being evaluated and defined carefully. After that the research opportunities are ranked and those that are conflicted with the new product innovation strategy are rejected. The most strategic opportunities are selected to lead into the next phase (Crawford & Di Benedetto, 2011). Sometimes, opportunity identification can be done quite well to figure out the demand of current market. But most of the time, it