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 important to know that some ideas get choked along the process of development and they die. Poor development processes occasion this. 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. The concept may not imply that its new rather a creative improvement of the existing one. The modification should consider the customers and the general market at large.
Idea evaluation stands at the second stage. Successful idea evaluation should see what the problem with the previous ideas is. At this stage it is necessary to see market needs, consumer behavior, cost of the idea and market potential among other factors. SWOT analysis is important at this stage to scheme for the strengths and weaknesses of an idea.
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. Does the product fills the gap in the market? Finding out the relationship of the products with others in the market in terms of their prices is directive. Success can be foretold here with the answers to the research questions.
A strategic analysis enables us to develop a working matrix 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. The testing helps to get the consumers’ 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. Accord you product a market transforming touch just through this process outlined.