New Product Design & development
When acquiring new products, there are two ways a company can go about it. First, obtaining an entire company or a patent will allow the company to acquire that new product or products. The second way, is through new-product development. A new product can be a new brand developed by the company, a completely new product, a product improvement or modification, or a new product the company acquired. New products are as important to the market as existing products because they bring new benefits, have the chance to solve a need/problem, or meet the demand for a product of the kind. Constant innovation is important for a company to remain on top.
The new-product development process has eight stages. First, the company searches for new ideas during the idea generation stage. Next, the ideas generated in the first stage go through a screening process to remove the ones without potential. After, the idea must then be formed into a product concept in the concept development and testing state. The fourth stage is marketing strategy development, where the company determines how they will introduce the idea to the market. The fifth stage is business analysis. During this stage, the company reviews and analyzes the logistics of the idea to be sure it meets the company's objectives. Next, the product development stage where the idea is developed into a physical product. Finally, during the test marketing stage, the product is introduced to realistic market settings. Lastly, if the product passes through the last seven steps, it is sent out for commercialization into the market.
The new-product development process has eight stages. First, the company searches for new ideas during the idea generation stage. Next, the ideas generated in the first stage go through a screening process to remove the ones without potential. After, the idea must then be formed into a product concept in the concept development and testing state. The fourth stage is marketing strategy development, where the company determines how they will introduce the idea to the market. The fifth stage is business analysis. During this stage, the company reviews and analyzes the logistics of the idea to be sure it meets the company's objectives. Next, the product development stage where the idea is developed into a physical product. Finally, during the test marketing stage, the product is introduced to realistic market settings. Lastly, if the product passes through the last seven steps, it is sent out for commercialization into the market.
When developing our product, Swipe-A-Load (S-A-L), our team went through a similar new-product development process, on a much smaller scale. We gathered our group and threw out as many ideas as we could think of in a one hour span. Then, we went through each idea and did an idea screening phase. We removed the ideas that were not feasible, unappealing, or didn't make sense. After narrowing our list, we went into detail for each product, as though it would be the one we chose. After, we did another idea screening and narrowed our list to one product, Swipe-A-Load.
Once our product was chosen, we spend a couple weeks developing it into an actual concept, in our concept development stage. During this stage, we decided on how the product would work, what the pros and cons were, how it would be installed, etc. Then came the marketing strategy development stage, where we decided how we would market the product, what specific marketing techniques we would use, and the main elements of our marketing mix. The last stage we went through was the business analysis stage. We used this stage to create the financials of the product, and provide as much detail as necessary to our marketing plan.
I think it is important that we went through these stages because it not only helped us understand the new-product development process more, but also showed us that you can use this process no matter how small or large the product is. And in our case, if the product is real or not.
Once our product was chosen, we spend a couple weeks developing it into an actual concept, in our concept development stage. During this stage, we decided on how the product would work, what the pros and cons were, how it would be installed, etc. Then came the marketing strategy development stage, where we decided how we would market the product, what specific marketing techniques we would use, and the main elements of our marketing mix. The last stage we went through was the business analysis stage. We used this stage to create the financials of the product, and provide as much detail as necessary to our marketing plan.
I think it is important that we went through these stages because it not only helped us understand the new-product development process more, but also showed us that you can use this process no matter how small or large the product is. And in our case, if the product is real or not.