Many projects demand some kind of easy and custom base software before launching new products. We have an Excel-Based Template for new product development.
Continuously developing new products is the breathing line for many industries such as the fashion and smartphone industry. Every previous product has a very short lifecycle and customers are constantly looking towards the addition of something new, innovative, and creative product.
- From Project Initiating to Closure Stage
- Expense and budgeting process
- HR & Customer Communication
- Complete record and Tracking template
- Project Task Management & Tracking Sheet
So, the new product development isn’t one day and a single-step process. It’s a multiple-step process that requires proper research and several market analyses. By definition, new product development is the process of bringing the product idea to market.
There are several steps of the product development process and different new product development templates are useful for this purpose. Most of the templates are developed using MS Excel and are very easy to use.
(Key Features) New Product Development Template:
How many stages involved in the process of new product development varies from industry to industry. However, a comprehensive product development process includes the following steps:
Related Template: Project Plan Spreadsheet
- Idea Generation: This stage focus on creating a pool of ideas by brainstorming sessions.
- Idea Screening: This stage focus on screening the most feasible ideas from the pool of ideas generated during the first stage.
- Concept Development and Testing: The 3rd stage is to develop the concept design and prototype of the idea product and testing it.
- Business Strategy Development: Market study for the need for product and development of marketing and other business strategies.
- Product Development: The product prototype is created.
- Market Testing: Introduce the prototype of the new product to the market for research and customer feedback.
- Technical Implementation: This stage focus on quality and operations management.
- Commercialization: The final strategies are made for distribution and advertisement of the new product.
- Introduction: In this stage, the product is launched into the market and the distribution of the product is started.
Examples of New Product RoadMap Template:
There are different types of new product development templates in excel. However, the most basic one focuses on the Gantt chart of activities for each stage of product development. It has a column enlisting the stages of the product development process. While the other columns contain calendar to map activities for each stage in the form of a colored bar.
Excel Based Scheduling & Planning
The colors bar can show the planned duration and schedule of each activity. While a different color can be used to mark the actual status of the activity on the sample chart.
A simple but very effective new product development template includes the following activities for different stages of product development.
SWOT analysis & Financial Modeling
The idea generation stage works on SWOT analysis and brainstorming sessions to generate new product ideas. So, customer analysis, market analysis, competitive analysis, technical feasibility, and final idea selection tasks are major portions of the idea screening stage.
The concept development stage works on feature specifications, rapid prototyping, and concept testing approaches. While the business analysis includes pricing analysis and sales forecasting. Similarly, beta production run, internal testing, focus group interviews, and initial production run for the market tests are key activities of product development and test marketing phase.
Further, quality and operations systems are developed for product technical implementation along with supplier and logistics management.
Finally, the commercialization of product via distributor negotiations and advertisements are done and the product is launched to the market.