A Step by Step New Product Development in the Market
Conceptualising a new product is a hard task. 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.
The process through which a product gets to the market from conceptualization is referred to as product development. 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 development process involves essential steps as outlined below.
Idea conceptualization is the primary stage. It is important to critical think about the idea to spur a creative business idea. The idea should be original in its creativity. It begins with spotting a market gap and coining a product or service that will level the gap. 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.
The second stage of the idea development should be concerned with idea evaluation. The evaluation should consider the flaws in the existing idea. Alongside evaluation process issues such as consumer behavior, Market potential and the technical feasibility of the idea should be given priority. 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. 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? Establishing the prices of other related products in the market is a good research point. 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.
Product testing is at the fifth stage of your product development process. 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. Your product can trail blaze the market if the processes outlined here is sequentially followed.