Are you contemplating on developing a new product for your business? Perhaps you are searching for what is the current hot trend in the market. Or you want to solve an existing problem for many people. Maybe you like to improve a particular product that already exists on the market or just add something special to an existing product. Whatever you prefer, you need to prepare a compelling proposal so that you let your new products be on the crest of a wave. In this article, we will discuss beneficial steps of creating a new product development proposal, plus we have various downloadable business proposal samples for product development. Keep on reading!

FREE 10+ New Product Development Proposal Samples

1. New Product Development Proposal

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Size: 152 KB

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2. New Product Development Funding Proposal

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Size: 357 KB

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3. New Product Development Grant Proposal

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Size: 237 KB

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4. New Product Development Paper Proposal

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Size: 44 KB

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5. New Product Development Project Proposal

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Size: 75 KB

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6. New Product Development Request for Proposal

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Size: 86 KB

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7. New Product Development Course Proposal

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Size: 374 KB

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8. New Product Development Assessment Proposal

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Size: 393 KB

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9. New Product Development Teaching Proposal

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Size: 198 KB

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10. New Product Development Project Proposal Form

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11. Sample New Product Development Project Proposal

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What is a New Product Development Proposal?

A new product development proposal is a compelling document that presents the main purpose, prioritized goals, objectives, ideas, and overview of development and testing, created by the product brand manager along with the manufacturer companies when launching a new product in the market. This proposal is essential in order to inform and spread awareness to the public concerning the new development of the product of a specific brand in the business firm or organization.  

How to Create a New Product Development Proposal    

When you create a clear and compelling proposal for a new product development project, you need to state the problem and other issues involved in your project, significant project deliverables, essential details and decisions that you made. In this matter, we suggest that you follow the simple steps below while freely using one of our company product development proposal templates in this article:

1. Research for potential opportunities in the market

One of the primary aspects that you need to consider in creating a new product development plan is researching potential opportunities in the market. The purpose of this step is figuring out a specific direction to set up the product development process. You need to create a list of the opportunities that can lend you a hand when you start in developing the new product of your company or organization. 

2. Formulate an idea or concept

Your product development plan should have a basic and cohesive set of potential new product ideas which are compiled together. The more ideas and concepts formulated, the better. There are many idea or concept development techniques that exist such as storyboarding, mind mapping, sketching, and many more. After this, you will get a pool of interesting and sophisticated concepts that reach an expected preliminary set of criteria. 

3. Demonstrate specific product development methodologies

Discuss efficiently with each member of your product brand development team and the manufacturing team as you interchange different views and recommendations about crucial product development strategies and methodologies. Demonstrating the basic framework for structuring, planning, and controlling the process of developing a product is a significant step. Your product development methodologies define the necessary information about the product requirements, design, testing, etc. 

4. Edit and revise

Susan Bell explained: “An editor doesn’t just read, he reads well, and reading well is a creative, powerful act. When we read well, we are thinking hard for ourselves…It is also the essence of editing. Editors are scribes liberated to not simply record and disseminate information, but think hard about it, interpret, and ultimately, influence it.” Then, you need to think carefully and make some necessary edits or revisions on your project proposal for new product development of your company. .  

FAQ

What are the integral phases of new product development?

The integral phases of new product development are formation of idea, idea screening, concept development and testing, developing an effective market strategy, product development, market testing, and market commercialization. 

What is the process of new product development?

The process of new product development includes ideation, research, planning, prototyping, concept testing, sourcing, business analytics, marketability tests, commercializing, and costing. 

What are the benefits of a product development plan?

Using a product development plan will help a business person in carefully managing the  planning and development of a particular product for the company. It is important in formulating an idea into a product and making sure that it goes to the market effectively. 

What is the core purpose of a product development proposal?

A comprehensive product development proposal has the core purpose of persuading a prospective client or investor in developing a particular product according to what has been proposed or offered by the business firm. 

The book entitled “Product Development: A Structured Approach to Consumer Product Development” stated that the products being manufactured should be high-quality products that are reliable, economical, and easy to use and produce, and are brought to the market in a timely manner. Thus, the development, design, and manufacture of consumer products encompasses the interests of people, especially the consumer and the user. Remember that products that sell sufficiently and generate a strong profit reflect a successful product development process. So, get a new product development proposal template right now and then, you can work on your product launch plan later on! 

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