Many times companies seek to develop a product to perfect their business, optimize processes and increase sales. Product development meets us in almost every field – medicine, aesthetics, hi-tech, computers, retail and even agriculture. Product development is the complete process of bringing a consumer product to market. Starting from the first stage where the initial idea for a new product is raised, through the production of a prototype to the actual production of the finished product. What are the steps for developing a new product in 2022? We will bring all the steps in this article.
The development of new products is a well-known procedure in the field of business, which is expressed in a typical sequence of steps. Naturally, the process starts from a certain basic idea. After the idea is consolidated enough, what is called “market research” is performed, which we will expand on later in the article. After we have market research, we begin to develop the conceptual concept of the product and from there proceed to its more detailed planning. Between the theoretical planning and the “real world” there is sometimes a “great distance”. The distance increases especially when the idea involves innovation and creative thought. Therefore, the phase of testing the ideas in practice, in practice, is the most challenging phase – it is the one that will determine whether we have succeeded in narrowing the gap between the dream of the product and its realization in reality. This of course leads to various changes and improvements and in exceptional cases, even to giving up on the idea. If we managed to bridge the distance, the product reaches the final stage – its actual production, launch, marketing and a continuous process of receiving feedback from the public and improving the product when necessary.
For the development of new products and services, businesses are required to invest quite a bit of resources, time and effort – and this in order to achieve a truly quality product. Marketers want to market a good finished product that will achieve its development goals and help the developing company’s image. Therefore, product development is quite a serious matter, to which a lot of attention and caution is paid. The attention is expressed, among other things, in the following points:
A combination of technical considerations and business considerations – it is necessary to examine not only whether it is technically and technologically possible to develop the product, but also to examine its business aspect and think about whether developing the product is really worthwhile. For example, a particular company may be considering developing an improved model for an existing product. On a technical level, the improvement may be possible and interesting. But at the business level, critical questions must be asked, such as will the business’s customers be interested in this improvement at all? Will the price difference between the new product and the old be a difference that consumers are willing to pay? and so’.
Collaboration between many parties – product development often combines professionals in different fields, for example the combined work of a product engineer and an industrial designer. There are professionals who may be required depending on specific and special aspects or features of the product, such as ergonomics experts for the development of a product that requires experts.
·Financial complexity – product development is a financially complex issue. Both for the costs of the development procedure itself and for the costs of marketing the product in the market. This requires thinking, even at the beginning of the production process, about points such as the sources of financing for development, the cost of production, the pricing of the product and the expected volume of sales.
Systematic planning – systematic planning, according to known methodologies and best practices. The planning may also be expressed in the preparation of a “business plan” which corresponds to the development of the specific product.
Market launch planning – the product development process requires thorough thinking about the marketing aspects. In the broader context, it is about bringing the product to the market, logistical aspects such as transportation, distribution of the product, etc.
The fields in which it is possible to develop physical, tangible products are very broad and very diverse. They are expressed in almost every business field such as agriculture, retail, medicine, aesthetics, safety equipment of all kinds, electronic products, hi-tech, etc. Today we can see countless different products and product categories. These diverse production capabilities are made possible, among other things, thanks to the capabilities of quality suppliers, such as the mold and machining department of YSR Plastic Industries, which provides technological solutions for product development in many and varied fields.
Developing a new product is not the product of an idea that arises spontaneously, it often requires a lot of initiative and planning in advance. Through systematic processes of new product development, businesses expand their offerings to their customers. A wide offer makes it easy for the customer to choose the product that suits him best from the variety offered to him. Periodic product presentation creates continuous interest in the producing brand and ultimately yields excellent economic results for the brand. See for example the unceasing interest in the next iPhone model – are the differences really that significant? The answer doesn’t really matter, because Apple earns the public’s interest in the product almost automatically.
The actual development of the products incorporates development processes that may be very different from the development of one product to another. Also, the development process often involves the assistance of various experts and consultants, assistance that costs quite a bit of money. Another important point is that in product development there may be many question marks and “surprises” along the way, especially in an innovative product. Meaning – it is not always easy to estimate product development costs in advance, each product requires a different cost range.
Finding an idea – formulating an initial idea for a product. The existing products of the business may be a natural starting point for this, and similarly, the competing products as well. Another possibility is creative thinking that invents a product right from the ground up – a case where the idea is completely innovative. Developing a completely new product opens up a new niche in an existing market, such as the invention of the electric toothbrush.
Market research – identify and map the products that already exist in the field, understand their advantages and disadvantages, analyze and well define the potential target audience for the product.
· The development of the concept – based on the initial idea and the understanding of the market in the area of the product, we are now moving forward to thinking and planning about your product. Will and how will he be able to integrate into the current market situation? How will he be special? It is very possible that following this, ideas will arise for some possible alternatives in planning.
· Planning – at this stage a thorough planning of the product is carried out, while entering various technical details. What parts will it consist of and what materials? How exactly will each part work? How will we pack it? How will we design the product aesthetically? and so’
Prototype construction – the transition from the abstract design to the physical world may be expressed in several stages. Before we start mass production of the product, several trial products of different types will be required. The most basic will usually be a “model” of the planned product, that is, a scaled-down model of it that is not capable of performing any action and only illustrates the physical appearance. The next product will be more advanced and will be used to test the feasibility of the idea. The technologies that exist today make it possible to develop prototypes and produce them very quickly. These technologies are available, fast and sophisticated, such as advanced machining machines and 3D printing.
The product production stage – at this stage, the design should be final. We are now doing everything necessary to ensure quality production and convenient work with the manufacturers.
Product development is a long and complex process, but it is usually profitable and allows businesses to develop and increase profits. If you are engaged in product development, and need the production of products with advanced technology, YSR Plastic Industries is definitely a supplier that you must know in order to get an advanced and high-quality product.
Since 1978, YSR Plastic Industries has established itself as a leading entity in the field of plastic injection moulding. We specialise in the production of complex and high-quality components, providing bespoke technological solutions to a diverse range of sectors. Operating both nationally and internationally, our reach extends across industries such as Electronics and Telecommunications, Defence and Aerospace, Medical Devices, Irrigation and Agriculture, Consumer Goods, Construction, and Infrastructure.
As a one-stop shop, we offer full turnkey solutions including procurement, sourcing, assembly, kitting, packaging, storage, and shipping. Our extensive facilities, covering 15,000 sqm with huge storage facilities and more than 100 employees, showcase our scalability.
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