Innovative Business Ideas Leading to the Development of a New Product
Developing the business idea is a difficult venture. Most entrepreneurs are faced with the challenge of new product development. 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 procedure through which a service or product journeys to the market from manufacturing or ideation. It is relevant to appreciate the fact that some concepts do not reach the market they die along the way. The problem is majorly influenced by the un-sequenced process adopted. The development process involves essential steps as outlined below.
Idea conceptualization is the primary stage. 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 consider the customers and the general market at large.
Examine and Evaluate the idea as the second stage of the product development process. The evaluation should consider the flaws in the existing idea. Alongside evaluation process issues such as consumer behavior, Market potential and the technical feasibility of the idea should be given priority. 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 points out answers to real market concerns. Is the product in agreement with what is missing in the market? Establishing the prices of other related products in the market is a good research point. The higher the number of questions answered at this stage the higher the chances of success.
Strategic planning and analysis put a framework around the product. The pressure to determine the market price, costs, and the profit is only quenched by strategic planning.
Product testing is a stage that demonstrates the maturity of your product. It requires according to your product a definition in favor of the consumer’s opinion. 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.