Developing a new product can work to either build or destroy a business. The processes involved in creating new designs vary according to the management and nature of the company. Whether tangible or intangible, the process requires that target clients’ needs and wants are met in terms of time, quality, and cost. Below are five common processes involved in product development:
1. Idea Conceptualization
The initial process of developing a new product begins when customers’ needs and preferences are understood. These ideas can come from a variety of sources within and outside the company. Internal sources ideas range from employees, reverse engineering, research and development, and market research. External sources, on the other hand, come from customers, the environment, as well as technology. A firm’s competitors also prompt them to come up with new ideas for a product.
2. Idea Assessment
Once ideas are developed, evaluation by the company’s top management follows where the pros and cons of each conceived plan are assessed. Proposals are scored on a scale of 0-10 and votes are cast. Evaluation is done based on design, graphics, sales impact, as well as role in the firms’ survival and profits accrued. Those that appear to have merit are adopted and further scrutinized while those that do not meet the criteria are let loose.
3. Initial Design
Once picked out, the development of the preliminary design begins. Specialized engineers translate performance specifications to technical ones. This process involves constructing a prototype, testing it, revising, and pre-testing it again. The initial design is comprised of both form and function. The form includes shape, color, appearance, and styling. Other aesthetics like image also make up the overall form design.
Piloting follows after the initial design has been developed and iterations made to it. After adjustments and product performance are completed, market testing is then conducted. The aim is to check the acceptability of the new product design to the target clientele.
The price and effectiveness of the product are also defined during this process. Information collected during market testing helps innovators assess whether the final product will be accepted once launched. If the customers recommend changes, adjustments are made to create a new version that suits the consumer’s wants.
5. Product launch
Production begins before the initial product launch takes place. Ramp up output is often ideal in this case as it gives the company a chance to start small. As the organization gains confidence, productivity is enhanced significantly. Product launch follows after advertising is sufficiently done. Supply chain and marketing teams work in tandem during the initial stages of promotion and sale.