What is Product Development?
An entrepreneur takes up challenges and goes through a lot of hurdles to develop and have those items out in the market. To accomplish this task, it takes commitment, research on the market, consumer behavior, and an analysis of the competition to develop a successful product.
These steps can be categorized into simple and concise stages to avoid mistakes. These stages can then be customized to fit the developed product, as all products are unique and require different strategies to succeed. Therefore, this article covers 5 basic stages of product development:
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1. Development and Testing the Concept
The stage of product development initiates the development and testing of the concept. Thus, all the good ideas retained previously are developed into detailed product concepts. This step enables you and your team to project the idea according to customer perception.
Moreover, once a concept is developed, it must be researched by presenting it to potential customers. This is called product testing, and it is essential to develop a product that will satisfy your customers.
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2. Developing a Marketing Strategy & conducting Business Analysis
At this stage, you are assessing the risk for the product. The company's objective is satisfied, and the product is ready for development.You also develop approaches to introduce your product into the market. Furthermore, it requires you to conduct a business analysis. This includes setting a price for the product and discussing revenue generation, advertisement, and distribution.
3. Developing the Product and Testing the Market
The R&D department of the company then ought to develop the concept and develop a functional prototype of the product concept. Thus, enabling you to test the prototype in a market segment. Therefore, giving you room to enhance the product in a sustainable and optimized way.
4. Commercialization
The final stage of product development is commercializing the product. The product is ready for commercialization based on market research and customer feedback. Here the product is finally introduced into the market. This stage involves investment in the advertisement, etc.
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5. Generating and Screening your Idea
Initially, in developing a product, you need to generate an idea. This stage requires you to brainstorm unique ideas. These ideas should be based on research of the market as well the resources available. Thus, being able to cut down on outlandish ideas and focus on customer wants and needs.
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After that, you involve other team members to screen these ideas. This step enables you to focus on the financial as well as the vision of your company. Thus, enabling you to filter out unachievable ideas further. Thereby ensuring the pursuit of an idea with a good chance of succeeding and providing good outcomes.
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