development is defined as “The creation of products with new or different
characteristics that offer new or additional benefits to the customer.” The
success of any business enterprise lies in its ability to introduce new
products into the market consistently. Product development refers to the entire
process involved in either modifying an existing product or creating a new
product from scratch and bringing it into the market. Let’s look at the process
· Idea Generation
Idea generation refers to the use of
methods and sources (either new or existing) to generate new ideas for
products. For instance, SWOT analysis, market and consumer trends, Ethnographic
discovery methods and trade shows. The company's R&D department, employees,
competitors, salespeople, focus groups can contribute in generating ideas for
· Idea Screening
In this phase, the new product ideas
are screened in order to eliminate poor, unsuitable, unattractive, and unsound
concepts before allocating resources to them. Most companies do idea screening
by creating a checklist of attributes that they would like to see in the new
product and then evaluate each idea with these attributes.
· Concept Development and Testing
In this phase the concept is tested by
using qualitative and quantitative methods to understand and measure customer
attitudes and intentions before the introduction of the product in the market.
Concept testing helps companies to measure customer response before the
expensive and time consuming prototype development.
· Business Analysis
During this phase, companies analyze
important business and financial matters such as cost projections, competition,
demand projections, required investment profitability and so on.
· Product Development and Market Testing
This phase involves creation of product
prototype and identification of a viable marketing strategy. The prototype is
tested in typical usage situations, introduced in trade shows in order to
understand customer response. Based on the response, changes are made and then
an initial run of the product is developed. Market testing or test marketing
involves selling the product in a test market and evaluating customer
This phase involves launching and
promotion of the product. Companies place advertisements and thus implement a
total marketing plan.
Several companies provide product
development services such as ideation services, product engineering services, product R&D services,product engineeringand
so on. Enterprises can seek the help of these companies in overcoming their
challenges in developing high-quality products, releasing new features ahead of
the competition, and customizing products for different languages, technologies
and customer requirements at reduced operating costs and risks.
lifecycle management, Mobile Application Development