Product Development Process
For a new product to be successful in the market one need to ensure that they have undergone the product development process. This will allow them to go through a series of stages that begin with ideation and ending with the introduction of the product in the market. These stages are aimed at understanding the consumers, markets, and competitors in order to ensure that the product will deliver superior value to the intended customers. The product development process is a cycle through which one should take their idea in order to convert it into a viable good or service. In our case, the idea of a new electronic product should also undergo the 8 steps of the product development process. These steps are idea generation, idea screening, concept development, and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization (Gopalakrishnan, Libby, Samuels, & Swenson, 2015). This phased approach will ensure that we are able to keep our schedule, resources, and costs under control.
Idea generation is the first step and it involves the systematic search for product ideas. However, since we have already determined the product that we seek to launch and introduce into the market this step can be skipped. Having already decided on the electronic product that we intend to introduce in the market, we should spend too much time coming up with other ideas for comparison. Idea screening will also be omitted since the idea we have has already been picked and we only need to justify it to the target market. Idea screening involves the filtering of ideas in order to pick the one that we feel is good. Therefore, our product development process will begin with concept development and testing. Concept development is the creation of a detailed version of the new-product idea. A product...
An additional example of how a company learned how to use techno0loigy effectively in their new product development strategies is Motorola. Having been initially challenged with the entire process of new product development and introductions due to a slow-moving company, Motorola was able to spin off the new product development of their popular Razr phone and gain significant market share as a result (Burkett, 2005). Each of these examples
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