There are two general phases during product development. The first one involves assessing prospects for a novel product idea and eliminating any barriers to the development process. The second phase represents the late stage wherein the actual development procedure happens and your company focuses on maximizing the product’s value.
Once these two aspects are cleared, you can think about whether to hire a product development company to take care of the remainder of the procedure. There are particular pro’s and con’s to this process so it is suggested that you evaluate thoroughly.
Whether you do this process on your own or you employ product development companies to do the job for you, there are many phases of implementation. This also serves as the standard operating procedure to follow which will guarantee you can manufacture a high quality and value product.
The process always begins with concept development. There are various ideas you need to have gathered at this time and your goal is to sift through them to determine which one is the most feasible. Some companies will invest lots of money on market research and research. But for people who lack the budget, you can undergo long hours of brainstorming sessions. Along with creating a concept, you could also look into screening producers, packaging, and pricing.
The next phase of implementation is that the concept you have developed is worthy of being in business. Evaluate sales cost and profit projection. One means to do this is to analyze the sales history of a similar product and the target market compared to estimated product prices. The product’s financial attractiveness is important when determining whether you should invest in it or not.
The third phase of implementation involves the real product development done by the engineering firm. You will only proceed in this stage once the business test generated positive results. However, you must invest on building prototypes and samples, in addition to invest on the revisions of your product development. This is vital in ensuring that the product design is useful and practical before it is released into the market.
The next phase involves test marketing procedure wherein the product is evaluated based on realistic market conditions. This will enable a company to come up with the ideal marketing strategy to reduce costs and maximize success.
Other steps that you can take at this point would be to conduct group discussions or release samples and gather initial customer feedback. This is an important stage before releasing a new product so if you’re employing a product development company, be certain you check if they execute these standard tests.