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Article Title: The Processes Of Product Development
Author: Mario R. Churchill
Word Count: 578
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Product development may be defined as the process of
conceptualizing and marketing a product. And this product can
be something new to the market or something new to an
individual company, or it could be a product which already
exists and has just undergone improvement.
Why is product development important? Well, it's not just
important. It's a critical process to retain and maintain
customer loyalty and be able to contend in the today's
financial service situation. With an effective product
development, customers and providers gain essential insights
from the interaction and this helps the provider in better
realizing the desires of its customers.
All product development undergoes a parallel planning process.
Although the process is continuous, it is imperative that
companies pause and weigh up each step to see whether the
product to be developed is worth the effort and investment. The
company should have a specific array of criteria from which to
base its assessments.
In product development, creativity is a valuable plus point.
The company must be imaginative in coming up with ideas for the
business. It must be able to develop fresh ways of attacking
marketing problems. The company must secure these ideas and
assess if they are worth spending more time and energy in.
When ideas are already available, the next segment in the
process is to define the concept. This is how the company turns
the idea into an actual business opportunity with the projection
of required investment and estimated return. The company must
set specific standards and purpose to base from to decide
whether it must pursue the investment. Questions like "Is the
idea technically feasible?", "What are its effect to existing
products?", "How will it affect the market competition?
be answered.
The next stage in the product development process is the
development of the concept. Usually, the initial step of this
stage involves the definition of the requirements of the
clients. Then, the transformation into some structure of
channel or model service follows. The idea is to translate the
recognized customer needs into probable response to these
needs. In the actual application, the development and design of
the product will carry on into subsequent processes as the
product is polished and can be released to the marketplace.
The testing and finalization of the concept then follows. This
stage involves a controlled release of a product for
manufacturing; support and sales organizations are then done to
test and improve the product. In this process, the company would
determine whether the concept was erroneous, the target market
is frail, and the product must discontinue considering the
anticipated cost of releasing it into the market.
When the product has been approved in the testing stage, it is
now ready for its full launch. This is perhaps one of the most
arduous and costly stages. This chapter includes the
development of the market, the right channels, the support of
the product, and the building up of the volume of production.
Finally, management of the life cycle must be worked out.
Usually, it is not recommended to handle a product that is
waning in the market, or lengthen its life with a "kicker".
When this action is not properly planned, the call for the
development of new products is frequently prompted by declining
sales. If this happens, the company may not have ample time to
have new products developed.
About The Author: Mario Churchill is a freelance author and has
written over 200 articles on various subjects. For more
information checkout http://www.ideacent
http://my-updates.
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