New product development is a complex and variable process. This flowchart provides a general macro view of the new product development process. Each decision and process step is an entire field of study onto itself with significant details and nuances beyond the scope of this flowchart. Please note, every decision and process step may require significant costs and expenses.
This process is applicable to many products. For example, in 1920, candy store owner Christian Kent Nelson, invented an ice cream brick with chocolate coating. Because he did not have the know-how or means to mass produce his invention, he secured an agreement with local chocolate producer Russell C. Stover, of Russell Stover Candies, to mass-produce them under the new trademarked name “Eskimo Pie”. The dessert was rebranded to Edy’s Pie in 2021, because the original name contained a derogatory term.