The Basic Process Of New Product Development
It may seem simple to develop a new product, but it is pretty challenging. Numerous steps need to be followed before a new product comes to the market. In the process of new product development, you will meet simple procedures, and at the same time you will encounter steps that require the assistance of a specialist. 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. Discussed below are the basic steps that are involved when coming up with a new product.
The first step is the generation of ideas which is the blueprint for the new product development. The most basic step is to sit as an individual or a team and do some thinking on the new product development. Most of the time the individual or the group of people come together to serve humanity better or provide a solution to a given human problem. During this stage of generating ideas, the individual or the group must first start by outlining the societal needs. 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.
Once you have raised the ideas and proposals, the next important step is to meticulously screen the ideas to be sure that they are working towards the desired direction. 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. You need to focus on the ideas that are more likely to succeed keeping in mind that time and money are scarce. 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.
When ideas have been screened and feasible ideas selected, the next step is to layout the stages and process of new product development. Now the next them is to dedicate a team of professionals to look into, in details, how the selected idea can be transformed into the new product. Suppliers of the components needed in forming the product from the idea also needs to be competitively chosen.
The timeline within which the new product should be developed should also be clearly stipulated. It is also important that you file a patent that protects your idea and product as well as the process of developing the new product. 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.