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
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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
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