Key Steps in Product Development That Every Entrepreneur Should Follow

Introduction

“Greatest Risk is not the development of a new product, but the development of customers and markets."

Delivering innovative products can help you gain a competitive advantage, but maintaining that advantage requires continuously delivering new products that keep pace with your customers' evolving needs.

New product development is the key to building and retaining market share and customer loyalty. New Product Development (NPD) involves research, design, and engineering. While improving existing products is essential, NPD focuses on creating entirely new ideas, from early research and brainstorming to launching in the marketplace.

There are 7Ps in product strategy that manufacturers must consider:

1.       Product

2.       Price

3.       Place

4.       Promotion

5.       People

6.       Process

7.       Physical Evidence

Key Steps in Product Development

1. Ideation

·         Generating and brainstorming ideas as per market requirements and consumer response.

·         This is the first essential step in identifying potential concepts.

2. Market Research

·         Conducting in-depth market research to justify the product idea.

·         This includes analyzing competitors, target audiences, and market gaps.

3. Product Definition

·         Defining the features, benefits, and unique selling propositions (USPs) of the product.

·         Ensures the product aligns with market demands and customer expectations.

4. Prototyping

·         Developing a prototype to visualize the product.

·         This allows for testing the concept and gathering feedback before full-scale production.

5. Testing

·         Conducting experimental testing of the prototype to identify errors and user concerns.

·         A critical step in refining the product and ensuring quality.

6. Design and Development

·         Finalizing the product design for production.

·         Sourcing the right materials and developing efficient manufacturing processes.

7. Product Launch

·         Launching the product in the market with a well-planned strategy.

·         This stage involves marketing efforts to create awareness and drive sales.

8. Iteration and Improvement

·         After the launch, monitor customer feedback to analyze product performance.

·         Making necessary modifications and enhancements to improve the product.

Conclusion

A well-structured product development process significantly increases the chances of a successful market launch. Good products are designed when product managers actively listen to people rather than just focusing on user data.

At Zeon Lifesciences, we are continuously engaged in developing new nutraceutical products by leveraging our strong research and development (R&D) capabilities for innovation and enhancement.