Product design and development is an integral part of the entrepreneurial process or we can say that it is the baseline of every successful business that has been doing well with its product design and development and services.
The engineering process that is actually involved behind the transformation of an idea into a final and finished product can also be named as the product design and development process.
Product Design and Development Process: Unleashed Variables!
Everybody who have ever been involved in the product development process exactly knows that what it takes to go through this crucial process. Bringing up the right product for your customers rather than finding the customers for your product is the well-known marketing approach. We also know that there are thousands of businessmen and entrepreneurs who were clueless when their product was failed in the market, this happened because they were not much concerned about the product design process as much they should be.
Therefore, keeping these use cases in front of us let’s dive in and learn about how to make your product design and development process perfect and flawless. Usually, business people follow a six-step formula for the product development but today we are going two steps ahead and sharing you with
- Idea Generation
- Idea Screening
- Concept Testing
- Business Analytics
- Beta Marketing Tests
- Product Development
- Commercialization Process
- Launch & Improvement
When the teams collaborate for developing new products the above mentioned eight steps will enable success factor of the product higher. So, without wasting a second let’s talk about the process now!
1. Idea Generation
This step involves the initial SWOT analysis and analyzing the current marketing trends in order to measure the affordability, ROI and risk involved in the product design and development process.
2. Idea Screening
At this stage, you are going to screen the idea and perform a critical analysis keeping in mind the products being offered by the competitors. Doing the economic research upon how much profit your competitors are chomping is also a
3. Concept Testing
After screening the idea the next step is concept testing in your product design and development process. At this stage you are going to check the acceptance of your product, analyze the current market position, demand and the probability of how well this product can perform.
4. Business Analytics
Building a system of metrics that is capable of analyzing everything related to monitor the progress. From time invested to the expected ROI, everything has to be decided at this stage!
5. Beta Marketing Tests
Launching the beat version of your product and testing its marketability performance regarding how well this product can perform. This also allows you to do any improvements in your product at the last minute before the launch.
6. Product Development
At this stage the production unit comes into the action and you start producing lots of your product. The marketing department will market the product whereas the finance department will provide the finance.
7. Commercialization Process
Your new product will go mainstream at this point and consumers will start purchasing your product. All in all, your product will go commercial and will be available for the purchase.
8. Launch & Improvement
Review the process efficiency and seek the room for improvements in the product. At this point you are also going to evaluate the costs of goods sold by making sure that it wouldn’t affect the costing and profits for developing the new product.
Hence, keeping this eight stepped formula laced with you, you will be able to refine your product design and development process and come up with new amazing products.