Marketing and product development professionals

New products and extended development processes - what should I do? No?

New Product Development [NPD] is a different process for each organization. Some organizations only need 30 days to enter the market, and other organizations can work from 6 months to a year.

What is the correct process?

The process depends on the organizational structure and the products/services they provide. As we live in a rapidly evolving technology world, it is important to continue to focus on this process. The duration from conception to launch of a product depends on the target audience, organizational goals, available resources, and, of course, as always, budget and expected return on investment.

There are some key issues when deciding how long the process takes and what the product needs to succeed. Is the new product an enhancement of the current product? This is a new product, but for existing customers or new customers? What resources are needed internally and externally? What are the expectations of the organization? Is the product soft or hard to launch? Are the new products local, domestic or international?

New products can increase the acquisition of new customers; current customer return on investment growth; open or expand to new markets or industries; improve or promote the company's resources; increase market share within the industry.

There are obstacles and challenges in developing new products, and sometimes the probability is higher than the success rate. Companies and employees understand the consequences, markets, competitors and target markets are very important. What is the cost of developing and launching a new product? Is the organization capable of handling possible losses? Is there a process in the organization to review and approve the next steps?

There are eight main steps in the product development process:
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  1. Creativity - What is a good idea?
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  2. Idea Screening - How do we filter?
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  3. Development and testing - the people and content involved?
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  4. Develop a marketing strategy - gain leadership
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  5. Business Case Analysis - Ask your reasons!
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  6. Product Development Strategy - Details!
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  7. Pilot/Test - What is the correct timeline? How to measure the results?
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  8. Launch / Commercialization - Yes!

In the next article, I will delve into the eight steps of the product development process and what they cover.

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Orignal From: Marketing and product development professionals