Innovative Business Ideas Leading to the Development of a New Product
Developing a new product is not a walk in the park. 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. This article aims to offer a basic sequence of ideas to be followed in pursuit of competitive new product development.
New product development is the way through which a service or product gets to the market from conception. 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 formation is the foundation of the process. 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. The concept may not imply that its new rather a creative improvement of the existing one. The modification should be considered in line with the consumer or customer satisfaction, preferences, and feedback.
Idea evaluation stands at the second stage. Successful idea evaluation should see what the problem with the previous ideas is. 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.
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. The research will guide in answering questions in the market. Is the product in agreement with what is missing 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.
The conceptual framework is built by carrying out a strategic analysis of the product. To salvage the confusion of setting the market condition of the product it is important to do a strategic analysis.
Product testing is at the fifth stage of your product development process. The testing helps to get the consumers’ 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. Give your product or service a trailblazing experience in the market by just employing these simple steps outlined here.