What You Need to Know About New Product Development
What do you need to know about new product development
New product development is an intricate process that involves many departments. Making new products requires market research to establish the need, determining the competitive landscape, devising solutions and more. The entire process can be lengthy, and the results aren’t always a success. This is the reason why some businesses have a dedicated team for this purpose, while others employ an outside firm to handle the task.
The first step in new product development is idea screening. Checklists, product scoring models and other tools are able to be used to determine whether a product is feasible and aligns with the company’s overall strategy. For instance, if you’re known for your T-shirts and shoes moving to microprocessors might not be the best solution for your company.
If you’re confident that the new product has a market, the next step is designing. The team will think about different ideas to address the issue. Then, the team will test their ideas with a group of potential customers to see what they think. When the designs are finished, the team will revise them as needed to create an end product that everyone is pleased to create and launch.
After the launch the product will move into an expansion phase where sales will begin to increase rapidly. The product will have gained some degree of customer loyalty and will be able to count on repeat business to ensure its success. It is crucial to continue developing your product to meet the needs of your customers.