Product Development
“Product” is anything back can be offered to satisfy the needs/demands of the market. Product development may include:
- Renewing an old product
- Introducing an existing product to new market
What is a “new product”?
Any product would be categorized as a new product if it has any of the following attributes:
- Modified version
- New to the market
- New in product line
- Cost reduction
Why Do You Need Product Modifications:
- The product must be modified based on changing market demands.
- Any product that fails to offer latest technologies/services declines after a certain period of time, or
- Simply gets replaced by a better product.
Product Development Process:
Translation Of Idea Into Definite Product:
- Produce A Physical Prototype Based On Your Idea
- Test The Prototype Product Under Internal/ External Parameters
- Target Focus Group Customers For Feedback
- Make Adjustments According To The Feedback/Response
- Launch The Modified Product
Advantages Of New Product Developments:
- To produce goods/services with best quality
- To gain maximum customer satisfaction
- To replace declining product
- To maintain market share despite competition
- To fill in the market gap
