A Step by Step New Product Development in the Market
Developing the business idea is a difficult venture. The challenge of developing a new product is a dilemma that most entrepreneurs experience. The main issue is how will a product come to the market competitively. 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 involves essential steps as outlined below.
Idea conceptualization is the primary stage. It is, therefore, relevant to think through while designing an innovative business idea. The idea should be as unique as possible in its innovativeness. 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. The modification should be considered in line with the consumer or customer satisfaction, preferences, and feedback.
Idea evaluation stands at the second stage. The evaluation should consider the flaws in the existing idea. Alongside evaluation process issues such as consumer behavior, Market potential and the technical feasibility of the idea should be given priority. The SWOT analysis of the idea can guide in determining its strength and weakness.
Definition of the concept is a stage where real terms are to be used such as knowing the exact values of the product. 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? 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.
Strategic planning and analysis put a framework around the product. The pressure to determine the market price, costs, and the profit is only quenched by strategic planning.
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.
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.