Model for the selection of new products at the enquiry stage: Adopted for the bearing industry

Launching an inventive product is the lifeline for the sustainability of an organization in the present competitive environment. Therefore, selection of an innovative product, by and large, determines the fate of a new business. The model for the selection of new product (MSNP) can demonstrate the success potential of new products in businesses. The proposed MSNP is suitable for screening the new enquiries floated by customers to the bearing industry. Literature survey will be carried out to identify the best innovative products and the life cycle of the products in order to maintain the leadership position in the competition.

MSNP is typically used to interpret new descriptive project ideas into standardized idea profile format for the screening guidelines of an organization.

The revised ideas can be re-assessed to confirm improvement. MSNP can be used to measure and effectively refine selected products in order to increase success and minimize the risk of failure.