How To Develop A New Product?

Which gadget are you using? How old is it? What do you eat? How long has it been manufactured? When were they first made? Who came up with the idea?

Product development is one of the most important things a company does. At least it is like this for many companies. A new product is a way to earn more profit. As everybody knows, a company is fond of profits. 

"The more, the merrier."

Product Development

A word the company focuses on. As you can even see. There are so many new products that are emerging to be the top products of the year. The best product title is awarded to the product development team making a great new product. 

The mobile phone world has seen new brands emerge and take over the market. The foods and drinks world has seen new brands and products take over the sales. 

Every company wants a team that will bring ideas for products that will help them boost their sales. As good as the team may be, there are key steps that should be followed to make the product development a success.

These steps are:

• Idea Creation - The first step in the process of product development is to give birth to an idea. The idea should be unique and useful. 
• The team that comes up with the product idea is provided with proper information. 
• They are informed about the current product craze. 
• Which product has taken over the market. 
• If there is a need for a new product that does not exist in the market.

These are factors that are supposed to be taken into consideration when trying to create a new product.

• Product Screening - This portion requires the product idea to be put in front of other members of the company and development team. This is important, as the company would like to invest in a product that will make a lot of money in the market. By screening the product, the company is able to judge the pros and cons of the product. This will help them decide if they want to invest in that product or would like to find a better product.

The team that brings the idea, doesn’t bring just one idea. They bring a bunch of ideas. And there is not just one team, there are a few teams that try to come up with ideas. From their many ideas, a few are shortlisted and finally a fewer selected.

• Starting the Product Development Process - The process of product development starts after one idea is selected. That product idea is sent to the production department. The initial work of the production department is to make a few prototypes. These prototypes are given to a few volunteers. They try and test the product for a few days and come up with the initial impressions. Once they use  it, they are asked for their suggestions. Based on these suggestions, the actual product for the customer is made. 

The product is then manufactured in small quantity. This is so, because the customers have not tried the product, so the actual sales quantity cannot be decided.

• Hyping the Product - Since, the product is new. The makers want to sell as many products as they can. They do this by creating a hype for the product. This is done with the help of a good advertisement agency.

An amazing advertisement is made showing the qualities of the product. This will help make the customers curious about the product, increasing the initial sales.

"The more the hype, the more the sale."

It’s a proven fact. OnePlus is a mobile phone brand that uses this technique

• Final Pointers- A couple of pointers that should be followed to make sure the sale is in full effect are:
• The product should be released on time, if the product is launched late, the product will lose the hype and the initial sale quantity will fall. 
• Customer feedback is important. The product would need an upgrade. Asking the customers for feedback will help the company create better products and also create a good customer-friendly reputation.

All these points are important in developing a good and high selling new product.

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