Developing a new product is not a walk in the park. The major challenge experienced by most entrepreneurs is to come up with a new product. 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 way through which a service or product gets to the market from conception. It is relevant to appreciate the fact that some concepts do not reach the market they die along the way. Poor development processes occasion this. The development process involves essential steps as outlined 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 as unique as possible in its innovativeness. 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. Product improvement should be in tandem with the consumers’ response, and preferences.
The second stage of the idea development should be concerned with idea evaluation. The evaluation should consider the flaws in the existing idea. 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.
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 points out answers to real market concerns. Does the product satisfies the need in the market? Finding out the relationship of the products with others in the market in terms of their prices is directive. The higher the number of questions answered at this stage the higher the chances of success.
A strategic analysis enables us to develop a working matrix of the product. To level the challenges of determining market conditions of a product its prudent to contact a strategic analysis.
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.
At the apex of the product development process there is marketing testing, Commercialisation and finally product launch. Your product can trail blaze the market if the processes outlined here is sequentially followed.