Product Development

Idea and planning

The new product development process can be complicated at first and can easily turn into a nightmare, so proper planning is absolutely necessary. It is advisable to have detailed product planning organized prior to implementation or launch to ensure that the goal can be achieved on time.

Present the idea

This section is critical since it will determine whether or not the product is accepted for financing. A new product concept must be objective, well-presented, and include all of its strengths and limitations, as well as a plan for commercialization and who needs that product or service. The product strategy must justify the product's existence and market utility.

Develop a prototype

Product design at this stage exists on paper, in a conceptual idea, in the mind of its creator or creators, but it is time to create a prototype, a product that is as close as possible to its final form and that can be used to test with the target audience.

Commercialization

After the concept has been developed and tested, final decisions on bringing the product to market must be taken. Pricing and marketing strategies must be finalized and communicated to sales and distribution teams before the product and company go on to the next step.

Product launch

A complete release plan is established, including the date the product will be available to the general public, the locations where they may purchase it or register, and if it is a service or software. While this is going on, a plan for analyzing customer and user input should be in place to implement the suggestions and develop the product for long-term success.