Product Development is an important area considered in the field of marketing and business. However, many students who are given the task of acknowledging or identifying the product as per the target audience with a field research only knows how intricate this step becomes. For this purpose, a student wanders and goes in search for a Marketing academic assistance through online tutoring service who can assist them and share their knowledge with them. The concept of product development focuses on modifying the existing product or developing the new product that will fulfil the need of the customer.
Product development is also known as product management. The product development consists of some steps which are design, development, conceptualisation and marketing of new products. The major objective of product development is to increase the market share of the company. If you are a student who has been particular about Quantitative market research, you have to keep acknowledging the fact that it is used in every step of product designing process. For more assistance, contact Market Research academic assistance through online tutoring experts at Sample Assignment.
Stages of New Product Development
The new product development concept consists of eight important components:
Idea generation is the systematic and continuous process which focuses on updating the new product. The aim is to create ideas for improving new and existing products which is equivalent to the process performed by our online academic assistance through online tutoring experts to create 100% original assignment content. Idea generation focuses on fulfilling the gap between the company and customers. Brainstorming would be done by the development team to collect more ideas. The internal and external analysis will be used to understand the product and services of the competitors. The information collected from the analysis will be used as the basis for idea generation.
In this step, the ideas which are not strong enough will be removed by the team. A criterion is set which helps to analyse and evaluate each idea in the significant manner. The testing and feedback will help to remove the less attractive ideas.
Concept Development and Testing
As per our Consumer Behaviour academic assistance through online tutoring experts, the corresponding concept is tested with the help of specific target group of customers. The reactions and feedback of the customers are recorded by the company. The appropriate changes are made according to the feedbacks of the customers. The initial feedback is received from the internal and external stakeholder. Concept development is an important step as it helps to increase the chances of success for the new product.
After deciding the market strategy, the management try to evaluate the feasibility of the new product. The profit, sale and costs estimation would be done by the management to find out whether these factors are fulfilling the goals and objectives or not. If the product is fulfilling the objectives of the company, then it will be promoted to the development stage. If you come across any queries, you are free to contact our Business Process management academic assistance through online tutoring experts anytime and anywhere as per your convenience.
Research and development team plays a major role in the product development process. The department develops successful prototype, then the product goes for market testing process. In this step the customer are also involved in the process as they can evaluate the prototype. The experience and feedback of the customer plays an important role the product development stage.
The product is tested in the realistic market. According to our Marketing academic assistance through online tutoring experts, test marketing is crucial step as it helps to test all the concepts including advertising and distributions. In case of highly competitive market, the testing concept helps to provide information about the condition of the new product. It is useful when the firm is not sure about the success of their product and services.
By using the test marketing, the company will take the final decision regarding the lauch of new products. Commercialisation means launching the product in the realistic market. All the information gathered from the previous steps will be used to promote the product. Now the product is available to the target customers. In this stage the firm has to spend the huge amount of money on the advertising and sales promotion. All these steps are crucial for the product development process. However, the company focuses on creating superior customer value. The company should be able to satisfy the needs and demands of the target customers. If the product is fulfilling the needs of the customer then it will become successful in the market. Market research should be done by the company to understand the strategies and tactics of the competitors.
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Archer Wilson is an academic blogger who has been working with Sample Assignment for over five years, holding a Ph.D. degree in English Literature. Apart from being a blogger, he also works as an Australian academic assistance through online tutoring expert for English in his idle time.
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