A Step by Step New Product Development in the Market
Developing a new product is not a walk in the park. 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 way through which a service or product gets to the market from conception. 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 innovative in such a manner that it has no copy. It begins with spotting a market gap and coining a product or service that will level the gap. The concept may not imply that its new rather a creative improvement of the existing one. The modification should be considered in line with the consumer or customer satisfaction, preferences, and feedback.
Examine and Evaluate the idea as the second stage of the product development process. Successful idea evaluation should see what the problem with the previous ideas is. 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 satisfies the need in the market? Finding out the relationship of the products with others in the market in terms of their prices is directive. The higher the number of questions answered at this stage the higher the chances of success.
The conceptual framework is built by carrying out a strategic analysis 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 involves fully defining the concept according to the customers’ view. The worth of this stage is outlining the uniqueness of the product to the customers.
At the climax of the new product development process is product and market testing, commercialization and product launch. Give your product or service a trailblazing experience in the market by just employing these simple steps outlined here.