Product Development Flashcards
The creation of a new product from the existing one to be sold by a business or enterprise to its customers is known as
Product Development.
refers collectively to the entire process of distinguishing a market opportunity, making a product to attract the identified market/Some materials may include testing, modifying and refining the product until this will be ready for mass production. Any product that is sold to the consumers is subject for product development.
Development
These are the basic questions you may ask yourself when you want to pursue product development/If you find acceptable answers to these, then you are ready to develop a product or render services:
- For whom are the product/service aimed?
- What benefit will the customers expect from it?
- How will the product differ from the existing brand? Or from their competitor?
are essential to every individual so he/she may be able to live with dignity and pride in the community he/she lives
Basic needs
are the basic indicators of the kind of business that a seller may engage into because they can serve as the basis of your success. Some other good points that you might consider in business undertakings are the people, aside from their needs, wants, lifestyle, culture and tradition, and social orientation.
Needs and wants
The very critical stage in developing a product is called
Concept Development
could be in the form of interviews, survey forms, researches, focused group discussions and observations of customer’s needs and wants. Information like, the product sales, taste, size, color, shape and life span are gathered at this stage. This is an important stage since this would be the basis for the product to be produced or provided
Identifying Customer Needs
Based on customer’s needs and reviews of competitive products, you may now establish target specifications of the prospective new product and/or service. Target specifications are essentially a wish-list.
Establishing Target Specifications
To provide important information on establishing product/service specifications, it is important to analyze existing competitive products.
Analyzing Competitive Products
This is done by developing a number of product concepts to illustrate what types of products are both technically feasible and would best meet the requirements of the target consumers/market.
Generating Product Concept
Through the process of evaluation between attributes, a final concept is selected. To obtain feedback from certain key customers, the final selection and additional market research can be applied.
Selecting a Product Concept
Product/service specifications are refined in this stage on the basis of input from the foregoing activities. Final specifications are the results of extensive study. The expected service life and projected selling price are also being considered at this stage.
Refining Product Specifications
This is to be done by reviewing and estimating the economic implications regarding development expenses, manufacturing costs. and selling price of the product to be offered/provided
Performing Economic Analysis
in this final stage, you may prepare a detailed development plan which includes a list of activities, the necessary resources and expenses, and a development schedule with indicators for tracking progress.
Planning the remaining Development Project
is the value that you incorporate to your product. It is “a believable collection of the most persuasive reasons people should notice you and take action you are asking for”. This is created by fulfilling deep desires and solving deep problems. This is what gets the people moving and keeps them spending for your product/service.
Value proposition
