Developing the business idea is a difficult venture. Most entrepreneurs are faced with the challenge of new product development. The bigger concern after identifying the idea is how it will prevail over others in the market. 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 development process has the following steps stated below.
Idea generation is basic as step number one. 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 consider the customers and the general market at large.
Idea evaluation stands at the second stage. 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. The SWOT analysis of the idea can guide in determining its strength and weakness.
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 stage includes relevant research and inquiry of the market. The research will guide in answering questions in the market. Does the product satisfies the need in the market? Concern like what is the relationship of the product price to other products in the market. 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. The pressure to determine the market price, costs, and the profit is only quenched by strategic planning.
The fifth stage of the new product development requires product testing. It involves fully defining the concept according to the customers’ view. The rationale of this stage is to state the most useful features of the product to the customer.
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.