Innovative Business Ideas Leading to the Development of a New Product
Conceptualising a new product is a hard task. Most entrepreneurs are faced with the challenge of new product development. The bigger concern after identifying the idea is how it will prevail over others in the market. This article aims to offer a basic sequence of ideas to be followed in pursuit of competitive new product development.
The process through which a product gets to the market from conceptualization is referred to as product development. It is important to know that some ideas get choked along the process of development and they die. The problem is majorly influenced by the un-sequenced process adopted. The development process involves essential steps as outlined below.
Idea formation is the foundation of the process. It is, therefore, relevant to think through while designing an innovative business idea. The idea should be innovative in such a manner that it has no copy. It begins with spotting a market gap and coining a product or service that will level the gap. The concept may not imply that its new rather a creative improvement of the existing one. The modification should be considered in line with the consumer or customer satisfaction, preferences, and feedback.
Idea evaluation stands at the second stage. The process of examination and evaluation includes the demerits and underscores of the present products or ideas. At this stage it is necessary to see market needs, consumer behavior, cost of the idea and market potential among other factors. The SWOT analysis of the idea can guide in determining its strength and weakness.
After evaluation, you ought to carry out the definition of the concept holistically which should include giving exact units of the product design, the production budget, and market coverage. The third stage involves extensive and intensive market inquiry. The research points out answers to real market concerns. Is the product in agreement with what is missing in the market? Concern like what is the relationship of the product price to other products in the market. The higher the number of questions answered at this stage the higher the chances of success.
The conceptual framework is built by carrying out a strategic analysis of the product. To salvage the confusion of setting the market condition of the product it is important to do a strategic analysis.
Product testing is at the fifth stage of your product development process. It involves fully defining the concept according to the customers’ view. The worth of this stage is outlining the uniqueness of the product to the customers.
The new product development process closes with Product and market testing, commercialization and product launch as the final stage. Your product can trail blaze the market if the processes outlined here is sequentially followed.