Simple Staircase of a New Product Development Process
Developing a new product is not a walk in the park. Most entrepreneurs are faced with the challenge of new product development. 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. Poor development processes occasion this. The development process involves essential steps as outlined below.
Idea generation is basic as step number one. It is important to critical think about the idea to spur 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 concept may not imply that its new rather a creative improvement of the existing one. The modification should consider the customers and the general market at large.
Idea evaluation stands at the second stage. The evaluation should consider the flaws in the existing idea. 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 is a stage where real terms are to be used such as knowing the exact values of the product. The most crucial aspect of this stage is extensive market research. The research points out answers to real market concerns. Does the product fills the gap in the market? Concern like what is the relationship of the product price to other products in the market. It is easier to determine the impact of the product in the market with the aid of the research questions.
A strategic analysis enables us to develop a working matrix of the product. To salvage the confusion of setting the market condition of the product it is important to do a strategic analysis.
Product testing is at the fifth stage of your product development process. It requires according to your product a definition in favor of the consumer’s opinion. The rationale of this stage is to state the most useful features of the product to the customer.
The new product development process closes with Product and market testing, commercialization and product launch as the final stage. Accord you product a market transforming touch just through this process outlined.