Product development
New product development
A product is a good or a service that is sold to customers or other businesses. Customers buy a product to meet a need.
Information gathered from market research is used by businesses to help them identify need.
A business will then aim to develop a new product that will meet the identified need effectively.
Development of a new product involves a number of different stages:
- Idea generationâ Research and Development departments try to innovative and design products that are new or better than existing ones.
- Developmentâ Businesses aim to have an innovation in their new product that they can point to as a Unique Selling Point. A good example of a product developed with a highly marketable USP was the first bagless vacuum cleaner.
- Prototypes and testingâ A first working model of a product are made and then undergo tests to ensure the product is safe, reliable, fit for purpose and one that customers can and will use.
- Modificationsâ After seeing the prototype or early versions in use, alterations can be made to improve the product.
- Patents and copyrightsâ Some products are registered for The temporary exclusive rights to an invention or a unique product to protect the design from imitation by competitors.
- Launch to marketâ Finally the product is put into production and a marketing and advertising campaign is launched to introduce and sell the product to customers.