Key Stages Of New Product Development
Developing a new product can be quite challenging and not as simple as many believe. If you are developing a new product, you need to understand and follow the many steps involved. When you are developing a new product, you will find out that some processes are easy while others need the help of a professional. While some tasks are common, others have to be new and innovative keeping in mind that you are introducing a new product into the market. The following are the basic steps of developing a new product.
The first step is the generation of ideas which is the blueprint for the new product development. Before anything can be done and achieved, someone or some people must spend time thinking about the new product. The idea generation stage in most cases is about the provision of solutions bedeviling the people or better ways of serving human society. During the brainstorming stage, the needs, and problems faced by the people are highlighted. When you take the thought process to its possible logical conclusion, you may come up with an entirely new venture and not just a new product.
Screening of the generated ideas is the next step that should be effectively done before proceeding with new product development. During the screening process, the ideas are checked based on their feasibility and those which are practical can proceed to the next stage while others can be shelved for future consideration. Keeping in mind the scarcity of time and resources,it is only prudent that you channel all your energy on ideas that have more prospects of succeeding. If you do not carry out objective screening of ideas; you may end up with a product that fails to take off bringing down the company.
The process of laying out the stages of developing the new product can start once you have narrowed down on the most feasible ideas. A team needs to be formed and be tasked to come up with practical steps that need to be taken to make the product that the idea envisioned a reality. Competitively choose a company or companies who will supply all the required parts to make the new product a reality.
It is also essential that you define the time that you want to see the new product fully developed. You also need to file the patents to protect the product being developed and the development process. To develop a new product through these steps takes quite some time. It is, therefore, important for the owners as well as the financiers to know the time it takes for the product to be completed so that they can plan accordingly.