What Are New Product Ideas

What are new product ideas?

It is the process of introducing a brand-new, unique product idea to the marketplace. This new concept could be a brand-new product that has never been introduced to the market, or it could be an idea that enhances an existing product by adjusting it to satisfy a brand-new or evolving consumer need. New product developments can be divided into four main categories: new to the company, improved existing product, product line extension, and new to the market.Innovation frequently entails looking at an existing concept or item from a fresh angle with the intention of improving it. There are generally three categories of innovation: product, process, and business model innovation, though experts hardly ever agree on a single set of innovation types.The stages of the product development process are ideation, research, planning, prototyping, sourcing, costing, and commercialization. Although the process varies depending on the industry, it can be roughly divided into seven stages.