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 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. The main issue that causes such occurrences is taking a development procedure that does not favor the product or service. The development process involves essential steps as outlined 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. As a scheme SWOT analysis can be an easy way of rooting out the strengths and weaknesses of the concept.
After evaluation, you ought to carry out the definition of the concept holistically which should include giving exact units of the product design, the production budget, and market coverage. The third stage involves extensive and intensive market inquiry. Research directs the entrepreneur into the market dynamics and excavates answers to some pining issues. Is the product in agreement with what is missing 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 level the challenges of determining market conditions of a product its prudent to contact a strategic analysis.
The fifth stage of the new product development requires product testing. It requires according to your product a definition in favor of the consumer’s opinion. The worth of this stage is outlining the uniqueness of the product to the customers.
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.