A product development process is challenging, and a proper research-development strategy should be ready before developing a product.
No two product launch is the same, so you must adopt different strategies for different products. Be aware of your target audience, their demands, and preferences.
Product development is a six-stage development plan that begins with the initial idea of the product and ends with the product’s final launch in the market.
If the entrepreneur tends to skip any of these steps, it might affect the quality of the product. The whole product development process evolved to a great extent in recent years.
The new product development process consists of six main stages, which let us know more about them.
Product Development Process
Here are the six phases of a new product development process summed up:
#1. The Idea Phase
This initial phase of a new product development process involves generating new ideas for a product. The entrepreneur or the staff brings unique and different product ideas per their research.
They must remember that their product should improve and upgrade the target audiences’ needs within their budget.
#2. The Research Phase
They can do a SWOT analysis before the product launch. It will help in future planning and describe the product’s internal factors (strengths and weaknesses) and external factors (opportunities and threats). The product launch must align with the customer’s needs and the company’s financial goals.
#3. The Development Phase
In this phase, the actual development of the product or service begins. This phase includes the development of many prototypes before deciding on the final product. You have to choose the most feasible alternative for the company.
The prototypes will help you analyze the market risks before the product launch. The outcome of this phase is the Minimum Viable Product MVP. Make necessary changes in the final product to make it unique from the competitors.
#4. The Testing Phase
You can vouch for the success of the launch of a product only when you test your product. The first step here is to select your set of audiences on whom you want to test the final product.
It is important to regularly communicate with the stakeholders in the testing phase of your products and gather all the necessary reviews and feedback for future reference.
#5. The Analysis Phase
Use the stakeholders’ reviews and feedback to make improvements or changes if needed. Always analyze the different ways to improve your product before the final launch.
You may also analyze your marketing plan in case of any errors. Determine your pricing strategy based on the feedback from the group.
#6. The Release Phase
Now that you have done the product research and made the necessary changes, your product is finally ready for its final launch.
You may do additional testing and any last-minute changes, but this is optional. Keep your marketing strategy strong before the launch, and it will be a success.
New product development process example
Nykaa: It is one of the popular startups in the cosmetic industry founded by Falguni Nayar in 2012. They sell beauty, wellness, fashion products, and intimate wear online and offline.
This startup faced difficulties in its initial phases since the beauty industry was not flourishing in India compared to other developed countries.
So, they started selling products that were not easily available in India but with high market demand. The company follows an authentic and competitive pricing strategy.
Goibibo: In 2009, they transformed from social networking service to a travel and e-commerce organization. It is an online booking portal that makes booking and traveling easy for customers.
They also provide top features: ‘ anywhere to anywhere flight bookings’ and ‘flight advice.’ Their idea was to reduce travelers’ problems, which made their business strategy unique then.
Conclusion:
After properly assessing all the above stages, the entrepreneur must make decisions regarding product launches. The product should be customer-oriented and of high quality.
Skipping any steps in a new product development process may reduce the time, but it shall affect the business in the long run.
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