Simple Staircase of a New Product Development Process
Developing the business idea is a difficult venture. The challenge of developing a new product is a dilemma that most entrepreneurs experience. The bigger concern after identifying the idea is how it will prevail over others in the market. This article aims to offer a basic sequence of ideas to be followed in pursuit of competitive new product development.
New product development is the procedure through which a service or product journeys to the market from manufacturing or ideation. It is critical to note that some ideas die along the process of product development. The problem is majorly influenced by the un-sequenced process adopted. The development process has the following steps stated below.
Idea conceptualization is the primary stage. It is prudent to brainstorm and come up with a creative business idea. The idea should be original in its creativity. The process begins with identifying a market gap and creating a product or service to fill it. The idea need not be as original as such rather as unique as possible. Product improvement should be in tandem with the consumers’ response, and preferences.
The second stage of the idea development should be concerned with idea evaluation. The process of examination and evaluation includes the demerits and underscores of the present products or ideas. At this stage it is necessary to see market needs, consumer behavior, cost of the idea and market potential among other factors. SWOT analysis is important at this stage to scheme for the strengths and weaknesses of an idea.
Definition of the concept helps to outline the specifications like product design, cost implication, and market potential. The stage includes relevant research and inquiry of the market. The research points out answers to real market concerns. Is the product in agreement with what is missing in the market? Establishing the prices of other related products in the market is a good research point. Success can be foretold here with the answers to the research questions.
A strategic analysis enables us to develop a working matrix of the product. To level the challenges of determining market conditions of a product its prudent to contact a strategic analysis.
The fifth stage of the new product development requires product testing. The testing helps to get the consumers’ view. The objective at this level is to make available the best features of the product to the customer.
At the apex of the product development process there is marketing testing, Commercialisation and finally product launch. Give your product or service a trailblazing experience in the market by just employing these simple steps outlined here.