New product development is the process by which a product or service moves from an idea to actual existence in the market
New product development is the process by which a product or service moves from an idea to actual existence in the market. There is a difference between developing a new product and creating a product that is an extension of existing products. New products are completely different and unique; hence they open a new market for the company once developed (Arfi et al., 2018). Products that are an extension vary slightly from existing products. The creation of a new product begins with the process of idea conception. In this process, the organization brainstorms and develops ideas of a new product they would like to create. The conception of ideas can come from sources such as customers, competitors, and employees, among other sources. The idea conception step is important because it propels the next steps in the process.
The next step is the screening process. The numerous ideas generated have to be evaluated to decide which ones are the most viable. The process of screening is meant to narrow down ideas to the most feasible ones to avoid putting too much effort into unnecessary ideas (Di Benedetto, 2008). The process of screening involves listening to suggestions from other parties. Customers, for example, can offer great insight into the viability of an idea. The process is crucial in determining which ideas can work and which ideas are too far fetched. Narrowing down the ideas allows a company to focus resources on the right ideas. The next process is the concept development stage. The step is focused on market research and SWOT analysis to help understand things like pricing, competition, and profit (Do Benedetto, 2008). It also evaluates weaknesses and opportunities to help organizations determine the market niche to focus
Product development is the process where the product is designed and built. The process includes manufacturing the prototype for the service or product. The prototype is used for market testing to determine how well the product works and how it fulfills customer needs (Roy, 2018). In this step, the company can evaluate how well their product fits the market and determine if there are any changes that need to be made to the final product. In this step, the organization makes the major decision on whether to proceed to manufacture on a large scale. The last step of the new product development process is the commercialization and rollout. The step comes after successful results are realized from the product development stage. The organization has decided to proceed to the manufacturing process. At this stage, the company has to launch its products. It, therefore, designs the appropriate product launch following the research done in the concept development stage (Do Benedetto, 2008).
The product innovation charter is meant to map how a new product will be introduced and will detail strategies to be used by the product team for guidance (Roy, 2018). Designing a quality PIC is crucial for a company as it helps the company to follow the right plan instead of launching a new product blindly. To develop a quality PIC, a company has to begin with a comprehensive market background. The research is to determine if the laid out strategies are in line with the companies objectives. With the right market information, a company can be able to use strategies that will benefit the company. These strategies must still fulfill the goals of the company.
Effectively analyzing the target market will lead to a quality PIC. The analysis includes understanding the competences of the company and evaluating it against its competition. It also requires an understanding of relevant technology in order to define the right approaches to take in maximizing profit. Goals and objectives should also be properly placed to make a quality PIC. The designed goals should be tactical, measurable, and operational. The company must also include special considerations. They include agile methodologies and internal and external requirements. Internal requirements are regarding management, while external requirements may include legal requirements and government policies (Saunila et al., 2018). These considerations lead to greater risk assessment and management.
Our new product development process began with idea generation. In this process, my team brainstormed numerous ideas on which innovative business to venture into. Numerous ideas were generated, and from the large idea pool, we found somewhere to begin. Most of our ideas were into developing a product that would be all-rounded in regards to the ability to deliver the appropriate customer experience. The next step in our development process was screening. The team sat down and decided to begin narrowing down ideas to get the most viable ones. As a group, we began by discussing and contributing our insight on every idea to do away with the most far fetched ideas. The number of ideas left was high, so we began considering insight from other sources.
We divided the group so that some people were in charge of online research on all the ideas to gather more information. Other members were in charge of evaluating customer’s thoughts while the rest focused on evaluating competitors offering similar services or products to determine the viability of the product. The team later used all the information collected to narrow down our pool of ideas. The concept development stage for our project is what determined the niche that we decided to focus on. The few ideas left after screening allowed us to evaluate three different niches. We evaluated the potential in each of these different niches to determine which one would be more profitable and easier to venture in. Our project is yet to enter the product development stage, where we will develop a prototype to use in testing.
I would rate my team highly in the project. I believe eight out of ten ratings would be appropriate. I believe my product team was very resourceful in the idea generation stage. Numerous creative ideas were put forward. In the screening process, the team worked really hard to gain insight from different sources in order to make highly informed decisions. The members teamed up into smaller groups to effectively take up the different tasks, and all the information collected was later analyzed by the whole team. The concept development stage required the team to think critically about the few options we had agreed on. The team was very effective in their contributions towards informing on pricing and other market factors that could influence our choice of niche.
One of the elements that resonate with our new product development process in Straight Talk for Start-ups is to focus on the fast-growing and dynamic markets (Komisar & Reigersman, 2018). Our product was designed for the cooking niche. The product includes generating fast recipes, selling recipe ingredients, and offering a knowledge-sharing platform. The designed product focuses on the fast-growing online marketplace where merchants can offer and sell devices and products to a greater population. The product is also positioned for dynamic markets, especially because the online presence includes people from all over the world. The dynamic world gives the company more opportunities and encouraged more innovation.
The other resonating idea is to manage your team like a jazz band (Komisar & Reigersman, 2018). The concept requires that managers reduce their invasive management models and allow for flexibility and innovation around the team. In the product development processes, especially the idea generation stage, the team was very creative with their ideas. There were no fixed rules or expectations when it came to brainstorming; all creative ideas were welcome. In the concept development stage, we also allowed more flexibility in methods of information collection. The team members went out to interview people and research on the market environment to determine and narrow down ideas that were the most implementable. Like a jazz band, team members were trusted to do their best in line with the goals of the task.
The other important concept states that to get to where you are going, you need to know where you are going (Komisar & Reigersman, 2018). The concept relates to our project since the project must have objectives it hopes to achieve in the long run. To be able to get to these objectives, we must understand how to get there. It will require a schedule, progress reports, and accountability. Our project required a schedule for the timely delivery of the new product. The process of developing the product must be tracked using progress reports. There must be high levels of accountability to support transparency and to support more personal input.
Another relatable concept is mastering the fundamentals (Komisar & Reigersman, 2018). The fundamentals are the internal and external environment that affect the development of a product. Having mastered the different fundamentals allowed us to develop a product that is unique, niche-focused, and still highly profitable. Another concept is to start small but be ambiguous (Komisar & Reigersman, 2018). The product developed by our company has the ability to fit in different marketing elements. It is an online platform for sourcing menus but can be a shopping platform as well for people seeking to buy ingredients for these set recipes. People can share recipes and make an income through ads posted on their content.