Innovative Business Ideas Leading to the Development of a New Product
Developing the business idea is a difficult venture. The major challenge experienced by most entrepreneurs is to come up with a new product. The bigger concern after identifying the idea is how it will prevail over others in the market. This article aims to offer a basic sequence of ideas to be followed in pursuit of competitive new product development.
The process through which a product gets to the market from conceptualization is referred to as product development. It is relevant to appreciate the fact that some concepts do not reach the market they die along the way. Poor development processes occasion this. The development process has the following steps stated below.
Idea conceptualization is the primary stage. It is, therefore, relevant to think through while designing an innovative business idea. The idea should be innovative in such a manner that it has no copy. It begins with spotting a market gap and coining a product or service that will level the gap. The idea need not be as original as such rather as unique as possible. The modification should consider the customers and the general market at large.
Examine and Evaluate the idea as the second stage of the product development process. Successful idea evaluation should see what the problem with the previous ideas is. Evaluation stage should bring into concerns factors such as; consumer behavior, technical feasibility, and market potential. SWOT analysis is important at this stage to scheme for the strengths and weaknesses of an idea.
After evaluation, you ought to carry out the definition of the concept holistically which should include giving exact units of the product design, the production budget, and market coverage. The third stage involves extensive and intensive market inquiry. The research points out answers to real market concerns. Is the product in agreement with what is missing in the market? Concern like what is the relationship of the product price to other products in the market. Success can be foretold here with the answers to the research questions.
The conceptual framework is built by carrying out a strategic analysis of the product. The pressure to determine the market price, costs, and the profit is only quenched by strategic planning.
Product testing is a stage that demonstrates the maturity of your product. The testing helps to get the consumers’ view. The worth of this stage is outlining the uniqueness of the product to the customers.
At the climax of the new product development process is product and market testing, commercialization and product launch. Your product can trail blaze the market if the processes outlined here is sequentially followed.