New Product Development Process - Definition and Business Case Stage
The objective of the definition and business case stage is to clearly define the product to be developed, and to complete the business plan for the product. During this stage, the external assumptions made during the concept stage are verified through additional market research and competitive analysis. Engineering assumptions will be verified in this stage by more extensive design and feasibility experiments.
The deliverables during this stage are typically the following:
- Product Requirements Document
- Functional Specification Document
- Requirement and plans for regulatory/agency approvals
- Business Plan with integrated project plan/schedules
The project core team will present the business plan to the Program Review Board in the Business Plan Review. If approved to enter the development stage, the Program Review Board will also review and approve the necessary resources to be allocated to the program.