Product development often referred to as 'The Stage-Gate' innovation process, is when teams collaborate for developing new innovations. These innovations are primarily new products or an improvement of the concept of an existing product.
There are many problems and challenges faced throughout the whole process. Are you planning on developing a product but don't know how to?
If so, then here is a complete guide to the product development process and all the steps included to successfully create a new product:
Generating – Analyzing Market Trends
You need to determine the level of competition in the market and can generate ideologies by taking factors such as affordability and widespread distribution costs.
During the product development process, use flexible discretion over which activities are executed and keep the system nimble. This way, you can avoid making costly mistakes that may slow down the development process.
Screening the Idea – Bring the Product to Life
What kind of product will interest consumers? Should it look fancy? Should it be expensive? What are people looking forward to? Idea screening is an important step in the product development process.
Testing the Concept – Analyze Product Uniqueness
Concept testing is basically done after idea screening. However, please note that this step is different from test marketing. Perform patent research and take a look at the legalities involved with new product development.
Commercialize – Time to Advertise and Sell
You have now successfully developed a new product, now all you have to do is get your product into the market. Once this is done, constantly monitor progress and begin advertising. Additionally, take a post-launch review to look for continuous improvements.