Senior
executive and seasoned CEO Ted Fick understands the transformative impact new
product innovation can have on an organization—as well as the impact new product
development can have in terms of driving rapid growth and increasing market
share.
Phases of New Product Development
As
President at Thermo King Corporation, Ted Fick was responsible for expediting
the development and launch of the Tripac auxiliary power unit—an innovation
that proved both profitable and essential to the company’s significant growth
and transformation.
And
as someone who knows the product development process, Ted Fick knows the steps or
phases that go into such a process, including:
· Ideation—the initial stage of sourcing
for ideas and laying the foundation of product development.
·Screening and concept development—the
process of screening through potential innovations to identify which are worthy
of pursuit, and to develop those that show promise.
· Actual development—where the product
enters the design and manufacture phase before being tested on the market.
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