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The new product is basically when a new product adapts or replaces the existing product. In this, an old product is introduced in a new market but an old product is marketed differently. 

In this, new product lines allow the firms to enter an existing market. New products can be used to diversify into new markets. It can also be used to improve the relations with the distributors. 

Real-Life Example (Sapphire)

We will take the real-life example from our clothing brand sapphire. When sapphire was launched they just manufacturing the ladies' products but with time, they think they will also need to target the Men clothes. 

Idea Generation

The new product development process starts with idea generation. In the meeting, sapphire took ideas from their managers and their employees. All of them suggest that they will have to start men products. But the stitching unit of sapphire is not so good as compare to J.

Idea Screening
The next step in the new product development process is idea screening. Idea screening means nothing else than filtering the ideas to pick out good ones. In this, sapphire chooses the men's cloth because they knew that it is totally based on idea screening. 

Concept Development

To go on in the new product development process, attractive ideas must be developed into a product concept. in this, a sapphire will start competing with J. and other famous men brand so they will know that our concept and idea must be unique.

Concept Testing

In this, sapphire tests their men's cloth on different models and celebrities. They will review all of them then he decided to launch their product in the new market. 

Marketing Strategy

Sapphire has a lot of competition already so they used different and unique strategies. Their audience was only women so they prepare the marketing strategy also for men. 

Business Analyse

The fifth step in the new product development process involves a review of the sales, costs, and profit forecasts for the new product to find out whether those factors satisfy the company’s objectives. In this, sapphire has already known their business rules and analysis to not have any problem.

Product Development

The new product development process goes on with the actual product development. So, the new product of sapphire that they launched is going too good.