The product development process is all of the steps beginning with an idea or concept all the way through to product launch. This can relate to developing a new product or improving an existing product.
Steps of the product development process generally involve the following:
1) Ideation – Generate an idea. What is lacking in the market? Where is there a need for something new or improved? Identifying user needs/desires.
2) Market Analysis – Are there similar products on the market already? Who are your competitors? Why is this product needed? What is the demand? What niche could you fill?
3) Costing – How much will the product cost to design and manufacture? What will it’s market value be?
4) Marketing Strategy – How will you make the world aware of your new product? How will you brand it as something valuable?
5) Prototype – Work with a product design company to develop a prototype of your product. Many companies offer rapid prototyping to quickly fabricate a scale model of your product so you can see what works and what needs to be improved upon. Get feedback and re-evaluate.
6) Launch – Reach out to potential distributors. Begin production based on your market evaluation and perceived demand. Employ your marketing strategy to gain visibility for your new product.
Product development is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services. The objective of product development is to cultivate, maintain and increase a company’s market share by satisfying a consumer demand. Taking an invention or product concept into reality is a core concern of our product development process.