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 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 important to know that some ideas get choked along the process of development and they die. The problem is majorly influenced by the un-sequenced process adopted. The development process involves essential steps as outlined below.
Idea conceptualization is the primary stage. It is prudent to brainstorm and come up with a creative business idea. The idea should be as unique as possible in its innovativeness. The process starts with the knowledge of a market gap and critically thinking about a product that will solve the problem. The concept may not imply that its new rather a creative improvement of the existing one. Product improvement should be in tandem with the consumers’ response, and preferences.
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.
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 most crucial aspect of this stage is extensive market research. Research directs the entrepreneur into the market dynamics and excavates answers to some pining issues. Does the product fills the gap in the market? Concern like what is the relationship of the product price to other products in the market. It is easier to determine the impact of the product in the market with the aid of the research questions.
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 a stage that demonstrates the maturity of your product. 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. Your product can trail blaze the market if the processes outlined here is sequentially followed.