Ted Fick: What Are the Steps of New Product Development

Ted Fick understands the potential of innovation, particularly when it comes to improving processes, eliminating inefficiencies and creating new resources of growth and profitability. A transformative leader throughout his career, Fick has long prized the value of new ideas and technologies that can provide the organization what it needs to retain its competitive edge and expand its market reach.

As Ted Fick knows, new product development can often be that catalyst—the resource of innovation a firm needs to rejuvenate operation and pump new life into waning revenue streams.

But much like other forms of innovation, product development is a step-by-step process—one that includes:

• SWOT analyses—those which can thoroughly assess the product’s potential and market viability.

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• Screening—that which can help compare the idea and its potential to similar ideas already eating up market share.

• Testing—the due diligence phase that tests the concept’s need, desire or viability among consumers.

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