A Simple Plan: Advice
July 15, 2019
A Step by Step New Product Development in the Market
Developing the business idea is a difficult venture. Most entrepreneurs are faced with the challenge of new product development. The problem seems to worsen to an entrepreneur while struggling with how the product may competitively enter the market. The Main aim of this article is to outline a process of developing a new product competitively.
New product development is the procedure through which a service or product journeys to the market from manufacturing or ideation. It is important to know that some ideas get choked along the process of development and they die. Poor development processes occasion this. The development process has the following steps stated below.
Idea formation is the foundation of the process. It is prudent to brainstorm and come up with a creative business idea. The idea should be innovative in such a manner that it has no copy. The process begins with identifying a market gap and creating a product or service to fill it. Sometimes you may not need a new idea, but you can modify an existing one. The modification should consider the customers and the general market at large.
Examine and Evaluate the idea as the second stage of the product development process. 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. The SWOT analysis of the idea can guide in determining its strength and weakness.
Definition of the concept helps to outline the specifications like product design, cost implication, and market potential. The third stage involves extensive and intensive market inquiry. The research will guide in answering questions in the market. Does the product fills the gap in the market? Finding out the relationship of the products with others in the market in terms of their prices is directive. It is easier to determine the impact of the product in the market with the aid of the research questions.
Strategic planning and analysis put a framework around the product. To salvage the confusion of setting the market condition of the product it is important to do a strategic analysis.
The fifth stage of the new product development requires product testing. The testing helps to get the consumers’ view. The rationale of this stage is to state the most useful features of the product to the customer.
At the apex of the product development process there is marketing testing, Commercialisation and finally product launch. Accord you product a market transforming touch just through this process outlined.