Cornelius Fichtner once said-Planning without action is futile, action without planning is fatal.
Certainly, this aforementioned saying hides the ideology behind a product development. Developing a product all of a sudden can push you toward the brink of bankruptcy. On the flip side, if you plan, but do not make it happen, it will be a wish only.
What it means is that coining an idea and execution are the two sides of the same coin. If either is missing, the coin will lose its identity. Therefore, the planning and the product development are interwoven. Their interrelation lets you come up trump in the business domain.
Let’s catch what the product development is.
Also known as new product development, the product development is a cycle of process. It seeds of the idea of conceptualization. Architecting design, developing and marketing trail it. In the nutshell, the product development is deriving a concept of what to be launched, how it will look, how to carry out its manufacturing and marketing respectively.
Let’s say, you’re willing to roll out a new cleaning device. You cannot turn blind to “how, where, why, and when” before kicking in manufacturing. For sure, foreseeing the intentions of your target audience will prove a silver lining. If you’re a naïve, the outsourcing market research companies can come with lots of ways to do market research. They can come up with lots of ideas to commence manufacturing of the intended product.
Importance of the Product Development:
By the product development, you aim at cultivating, maintaining and increasing company’s footprints in the market. While doing so, the smart manufacturers always listen to the voice of the customers first. Subsequently, they come to putting efforts in studying the intentions of the target audience.
Drill into your head the fact that it is not necessary that your dream-product will be a want of everyone in the target audience. To get off such appealing problem, you ought to gear up with the quantitative market research. Kick in the research early. Continue it when it is being designed and carry it forward post launch.
Framework of the New Product Development:
A framework determines the anatomy or structure of the product development process. The veterans always follow a hierarchy of approach to guide through the entire process. There are some frameworks, such as the Fuzzy Front End (FFE), which come with a set of predefined hierarchy of approaches. You can easily come across them and pick up the best ones that you can execute like a walkover. They can be, but not limited to, these approaches:
· Identify the design elements to be woven into its development.
· Analyse the design and looming ideas to evaluate challenges and feasibility within a contextual spectrum of consumers.
· Conceptualise its tangibility to measure the lingering opportunities.
· Run prototyping or create the first draft (rough model) of the product, rather than being presented with a refined final product.
· Developing the concept into a real shape with the view of business and harvesting value.
· Testing the product through reviews and feedbacks of a few customers.
Stages of New Product Development Process:
New Product Strategy: This is a domain wherein innovators come to the front foot to draw a crystal clear picture of goals and objectives.
Coining Ideas: The conceptualization triggers by brainstorming about internal and external inputs. It piles up a stock of ideas to develop a product.
Filtering Ideas: The bulk of ideas cannot be carried out, as a few of them could be odd ones that may fall flat to increase the business stake and value. This is why the most viable plans are filtered in the scope of prospective profits.
Concept Evaluation: This stage configures detailing of the finalized ideas or concepts. The market research and business insight to assist in finalizing the development details.
Analysing Scope: It’s the most crucial stage wherein prospects of costs and profits are seen with analytical lens. It supports in anticipating the cost to be incurred and profits to be harvested.
Product Development: This stage takes care of its development in the real sense.
Testing Marketability: Now, the product is ready to be aired in the market. But first, you should run a trial of the product. Start with a small group of customers. Gather their feedbacks. Improve thereafter, if required.
Publicizing: This stage defines the end point. Upon being tested, make it public.