That may be more realistic, especially if you have a unique idea of the product that serves a specific segment. You could also narrow your target audience into demographic, psychographic, behavioral, or geographic segmentation. Besides, you will need to ensure that the product’s concept is profitable before you advance your goal.Ĭoncept Development and Testing: This approach requires you to pinpoint your target audience. You may even need to go back to the drawing table several times before you perfect the idea. Look at positive as well as negative comments and align your ideas accordingly. One way to remove the fallacies is to review feedback from customers on similar products. However, without screening carefully, you may underestimate the intent of what motivates your customers to act. You may think that you have brilliant ideas, and the product will be perfect for your customers. Idea Screening: This approach includes analyzing the ideas to prevent potential pitfalls. You need to know how customers will potentially perceive your idea before taking the next step. Examine the market trend, as this will further help you understand the consumer journey and how your product will fit into the journey map. What need will it solve? This step requires a lot of effort on your part, and you will need to brainstorm your ideas with friends, families, or customers to understand how they feel about your idea. Idea Generation: The first thing you should consider are the benefits of the product. The product development process typically consists of several activities that firms employ in the complex process of delivering new products to the market,” as defined by Wikipedia. “In business, new product development ( NPD) covers the complete process of bringing a new product to market. This article will identify Kotler’s stages of the product development process to help you gain a better understanding of product development before launching for potential success. As such, entrepreneurs need to have a thorough understanding before venture into new product development. Why? There could be several reasons, such as lack of careful planning and launching the right product. Often, products hit the market and sometimes fail. There are several phases that we need to consider when developing products. Are you looking to launch a brand-new product? Understanding product development in this venture is critical.
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