Every Product Development journey starts with a concept, which creates the base for further development. The new product development process is the cycle that every product has to experience, from ideation to the final launching into the market.
Five stages manage the new product development process: idea creation, screening, concept development, product development, and, finally, commercialization.
With each stage, you’ll discover added, necessary actions to ensure your product is launched to succeed every time. Let’s dive deep into these essential stages for success.
Phase One-Idea Creation
This is the initial stage of the new product development process, where businesses generate new product ideas. Some of the experts for new product ideas involve business customers, competitors, publications, magazines, employees, and suppliers. Your goal should be to come up with many good ideas that can make the New Product Development procedure foundation. This stage’s central part should emphasize brainstorming sessions addressing the customer’s challenges as the main priority. This phase is vital as it places the basis for all the other stages; the ideas created shall manage the overall product development method.
Phase Two- Screening
The created ideas have to go into a screening method to clear out the viable ones. The business asks for ideas from mechanics, clients, and other companies to evade the chase of harmful unfeasible plans. External industry aspects influencing businesses, such as competition, legislation, and technology developments, affect the enterprise’s decision criteria. At the end of the screening process, the firm continues with only a few possible opinions from the deep pool created.
Phase Three- Concept Development
The company begins analysis to find the possible costs, incomes, and profits resulting from the product. The company carries a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis to recognize the market’s health, weaknesses, events, and threats. The market approach identifies the product’s target group, which helps segmentation of the product’s market. Market segmentation is essential as it allows the firm to know its corner. The known niche controls most of the marketing decisions.
Phase Four- Product Development
Product development requires the real design and production of the product. Development works with the production of a prototype that assists market testing. Based on the test results, the business partner decides on whether to start a large-scale product or not.
Phase Five- Commercialization and Rollout
Accurate outcomes in the development phase introduce large-scale production and commercialization. Here, the business begins its marketing campaign for the new product. The market research directed during the idea creation phase impacts the timing and area of the product launch.
New product development is about turning fresh and new ideas into useful products. This product will be your invention, which will allow you to compete and manage the market.
Summing up the Five stages of New Product Development — idea creation, screening, concept development, product development, and, finally, commercialization.
Focus on innovating while delivering value- The thumb rule of New Product Development.during the idea phase impacts.
Keep in mind; the right product development approach will help you build a better product, lower your time to market, and improve your bottom line.