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 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 relevant to appreciate the fact that some concepts do not reach the market they die along the way. The main issue that causes such occurrences is taking a development procedure that does not favor the product or service. The procedure includes basic steps as highlighted below.
Idea generation is basic as step number one. It is important to critical think about the idea to spur a creative business idea. The idea should be original in its creativity. 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 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. 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 is a stage where real terms are to be used such as knowing the exact values of the product. The most crucial aspect of this stage is extensive market research. The research will guide in answering questions in the market. Is the product in agreement with what is missing in the market? Concern like what is the relationship of the product price to other products in the market. Success can be foretold here with the answers to the research questions.
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 a stage that demonstrates the maturity of your product. 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.
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.