Different stages of new product development
As a business, apart from maybe first starting out, there is nothing quite as exciting as new product development. This is a way in which a company starts to make new decisions and developments based on products that already exist. In this article, we will have a look at a few things that come under the new product development process, as it can encompass a whole variety of different developments. Specifically, here we will see the steps needed before the actual product development itself begins.
The process will usually start with a new product strategy. This is when key innovators will outline a rough idea for a product and set objectives and goals that this product need to achieve. This can sometimes be quite broad, usually with just a few specific goals/objectives for a product. Often, the broad objectives will be set to resonate with specific industry trend, reach anew audience or to reflect the company’s ethos.
The goals established in new product strategy then need to be put through an idea generation process. This includes brainstorming new products from within the company as well as from external sources. There can be a large quantity of ideas generated through this process, therefore the next step is to screen these ideas. This allows a company to condense the ideas down to a handful of the best product suggestions that are in line with the new product strategy.
Once a single idea, or perhaps a few have made it to the forefront, then concept testing can begin. This allows an idea to transform into a detailed concept, one that is more of a solid foundation for an actual product. This concept testing can then get feedback in surveys and other concept testing processes, to see how well it would be received in a market. Once there is an established concept, and feedback of the concept, business analysis must be taken out. This will assess what the costs and potential profits of a product can be, while also establishing whether they meet company objectives. This is the stage where there is the most potential to hit red flags that can stop the process.
Once these steps have been taken out, we have reached the point where actual product development can then take place. From here, it is a case of market testing and commercialization before a product goes to market.