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It involves ensuring the concept is viable and has been determined to make business sense and have business value. Formulation of an entirely new product that satisfies a newly defined customer want or market niche.
New product development helps diversify target customer ranges and expand into new market segments. When you’re ready to launch a new product, a marketing strategy can help you connect your customers to the new products before they are distributed by building interest and excitement around the product.
Product development is an always-evolving and fluid process, and just as some steps will change, depending on the nature of the project
It consists of the activities of the firm that lead to a stream of new or changed product market offerings over time. This includes the generation of opportunities, their selection and transformation into manufactured products and services offered to customers, and the institutionalization of improvements in the new product development activities themselves.
Our signature product, tekScreen360 empowers HR by providing the right set of tools to shortlist the best in the stack of applicants. tekScreen360 is a data-driven A.I. driven video interview platform that finds the right talent in the shortest time. tekScreen360 is more than just a video interview tool.
It provides artificially intelligent hiring, an ever-growing repository of dynamic questions, expert evaluation, recorded interviewing, voice and face recognition. This user-friendly, video interview platform blocks out proxy interviews and under-qualified applicants from large pools of candidates - all of it in an impressively short time.
Regardless of what framework is used and who is in charge of new product development, the new part is just one aspect of the entire product lifecycle management (PLM).