New Product Development
This workflow template illustrates the development and testing of new products, including concept development, market analysis, initial stage gate approval, prototype development and prototype testing/adjustment. Purchase and download this template in PDF and Visio (VSD) formats. You can customize it to fit your own organization, or simply use it to better understand the New Product Development process.
What is New Product Development?
New Product Development involves coordination between research and development (R&D) teams, product managers, engineering/design staff and line of business executives to conceive, develop and test a new product. After the initial concept has been agreed upon, researched and documented, it is presented to management who will make a decision as to whether the product should move into the next stage of development - prototyping. During the prototyping stage, a model of the product is created by the engineering and design team and tested to ensure its safety, viability, usability, etc. After adjustments have been made to the prototype, another round of approvals is required. If the final prototype is approved, large-scale production planning begins.
Download a Sample New Product Development
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