Product Development

Idea Generation

The inception of every new product starts with an idea. And to generate the ideas, companies can focus on customer demands and needs. Alternatively, they can also focus on analysing the choices of their competitors.

Idea Screening

Not every idea is suitable to become a product. For that reason, companies have to screen the ideas. Companies can label an idea as promising and act on it, marginal and try to improve it, or simply poor and reject it. It is also very important for companies to avoid any bias related to the source of the idea. So even if someone like Steve Jobs pitches an idea, the company should still be very careful with it.

Product Development Process

During the third stage of the process, the product idea grows into multiple concepts. Companies will repeat the screening process to choose the best of them and pit them against each other.

Marketing Strategy

Once a company decides on the product, they will have to spend time developing a marketing strategy for it. Experts will evaluate the size of the market, demand for the product, and revenue estimates. The marketing team will get a budget for their efforts and they can select distribution channels.

Business Model

The development of a business model works very similarly to the development of a marketing strategy. The experts in the company will estimate the costs and profits and manage the potential of the product.

Manufacture

At this stage, the production finally begins. The company will make multiple prototypes and choose on which designs get to go to the next stage. Also, the company will, once again, perform a cost analysis to see if it matches the estimates.

Branding

Once the company finally has a physical product in their hands, the marketing team can get to work. For starters, they can develop the brand name, packaging, and the marketing message behind the product.

Product Launch

The final phase of the product development process is the commercialisation phase. The product is launched, and it is followed by a developed marketing strategy in order to maximise its earning potential.