"YEARAPPLIED MANAGEMENT PROJECTNEW PRODUCT DEVELOPMENT PROCESS: ACONTEMPORARY OVERVIEWMSC MARKETING AND BUSINESSMANAGEMENT1 CONTENT(1) Executive Summary..........................................................................................3(2) Aims and Objectives.........................................................................................5(3) Introduction.......................................................................................................6(4) Literature Review..............................................................................................8(5) New Product Development Process...............................................................10(5.1) Developing Innovation............................................................................12 (5.1.1) Rise of Innovative Consumer.......................................................14 (5.1.2) Innovation Environment................................................................15(6) Generation of an Idea.....................................................................................17(7) Idea Screening................................................................................................20(8) Research Process...........................................................................................23(8.1)Failure of Research or Failure of NPD Process.....................................25(9) Concept Development and Product Testing...................................................27(9.1)A Survey Report.....................................................................................29(10) Business Analysis................................................................................32(11) Marketing and Commercialization........................................................33(12) Empowerment or Exploitation: Consumer`s Perspective.....................35(13) Innovation: Succeeding where others Fail...........................................37(14) Role of Internet in NPD Process..........................................................38(15) Companies without Involving Consumers............................................41(16) Conclusion...........................................................................................42(17) References...........................................................................................44(18) Bibliography.........................................................................................512 EXECUTIVE SUMMARYOrganizations are seeking the answers to questions associated with the success of anew product performance in the multi-faceted business environment. The bigcorporate leaders across the world are trying to recognize the next big thing. (ScottM. Davis and Kristin Moe, 1997; p. 338)However, they failed to do so but realised aneed to innovate the design and development process with active participation of theconsumers. This report highlights the contemporary issues that firms are facingacross the world to deliver a successfully laid plan. The new product development(NPD) process has many aspects each of which is found to be critical to theorganization`s success. Despite of adaptation of modern tools and techniques in thedesign process, new products and services fail. Lack of consumer involvement andmanagement is found to be the reason behind it and innovation is observed to beone possible solution to the problem. Internet is researched to play a crucial roleduring different stages of the process. The different phases of NPD process havebeen critically evaluated with the help of various surveys (secondary data) andexisting statistics in different industries. Research methods and different forms ofinnovation have been emphasized in order to gain efficient knowledge andinformation about the consumers as it is reckoned to be the road to success. Variousjournals, business source premiers, business websites, books, blogs, scholarlyarticles and newspapers have been referred to support the arguments. On the basisof the report, a conclusion is drawn seeking the solution to the reviewed problem.3 "