A Step by Step New Product Development in the Market
Conceptualising a new product is a hard task. The major challenge experienced by most entrepreneurs is to come up with a new product. 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 generation is basic as step number one. It is, therefore, relevant to think through while designing an innovative business idea. The idea should be original in its creativity. The process starts with the knowledge of a market gap and critically thinking about a product that will solve the problem. 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. The evaluation should consider the flaws in the existing idea. Evaluation stage should bring into concerns factors such as; consumer behavior, technical feasibility, and market potential. As a scheme SWOT analysis can be an easy way of rooting out the strengths and weaknesses of the concept.
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 points out answers to real market concerns. 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.
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. 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.
The new product development process closes with Product and market testing, commercialization and product launch as the final stage. Your product can trail blaze the market if the processes outlined here is sequentially followed.