Innovative Business Ideas Leading to the Development of a New Product
Developing a new product is not a walk in the park. The major challenge experienced by most entrepreneurs is to come up with a new product. The main issue is how will a product come to the market competitively. The Main aim of this article is to outline a process of developing a new product competitively.
The process through which a product gets to the market from conceptualization is referred to as product development. It is important to know that some ideas get choked along the process of development and they die. The main issue that causes such occurrences is taking a development procedure that does not favor the product or service. The development process has the following steps stated below.
Idea formation is the foundation of the process. It is prudent to brainstorm and come up with a creative business idea. The idea should be innovative in such a manner that it has no copy. The process begins with identifying a market gap and creating a product or service to fill it. Sometimes you may not need a new idea, but you can modify an 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. Evaluation stage should bring into concerns factors such as; consumer behavior, technical feasibility, and market potential. The SWOT analysis of the idea can guide in determining its strength and weakness.
Definition of the concept helps to outline the specifications like product design, cost implication, and market potential. The stage includes relevant research and inquiry of the market. Research directs the entrepreneur into the market dynamics and excavates answers to some pining issues. Does the product fills the gap 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 a stage that demonstrates the maturity of your product. It involves fully defining the concept according to the customers’ view. The rationale of this stage is to state the most useful features of the product to the customer.
The new product development process closes with Product and market testing, commercialization and product launch as the final stage. Your product can trail blaze the market if the processes outlined here is sequentially followed.