What steps will you pass through while developing a new product?

1. Market research

2. Concept development

3. Product development

4. Testing

5. Marketing

6. Launch the product

Product development steps vary based on the nature of the business and the management style, but most businesses follow seven main steps in the development process.

1. Product Idea Brainstorming
2. Evaluate the Ideas
3. Market Evaluation
4. Analysis
5. Prototype and Marketing
6. Market Testing
7. Prepare for Launch

Answers wonderful colleagues

1. Discover details of your customers' unmet needs. You should develop a set of interview questions, meet with these suffering customers in the environment where they’re suffering, and listen to what they say when you ask them the questions. Through this listening, you must discover more details about the nature of their pain--and try to assess what kind of product would encourage them to become customers.

2. Develop hypotheses. Using the observations of customer needs and your vision of the technology, you should make educated guesses about the most important product features likely to lead to wide customer adoption. Moreover, you should make a numeric estimate of the number of customers you thinks will use a prototype with those features.

3. Build a prototype solution. The next step is to develop a quick and inexpensive prototype with those features. The first version is not likely to meet the customer’s unmet need but it should help you get a better understanding of what you need to do to close the gap between what the prototype can do, and what the ultimate product will need to be able to do in order to get the customer to buy it.

4. Test with customers. You must then give the prototype to customers and observe how they use it. You should keep track of how many customers actually use the product, and ask them what they like and don’t like about the product. The general objective of this step is to learn and collect data that will either confirm or disconfirm the hypotheses developed earlier.

5. Analyze variance. You should compare the expected outcome with the observed results. This comparison will generate insights that shape your strategic positioning.

6. Pick strategy. Better-than-expected results are likely to confirm that you will gain market share if you turn the current version of the prototype into a product and market it aggressively. If the results are worse than expected, you must learn from what did not work and develop another prototype. And you should iterate and test until observed results exceed expectations, or until it becomes clear that it’s time to shut down the business.

Excellent answers by experts. Just few more:-

1. Scope of the product.

2. How it is better than similar product used before.(honest comparison required)

3. Price factor

4. Availability of materials to develop the new product.

Thank you all for your wonderful answers.

For every company in order to grow, sustain, ability to compete new & existing competition should plan on a regular basis not only to increase sales for existing base but as bring unique, innovative & attractive newer brands into existence thus to have proper alignment & develop horizontally & vertically it's product portfolio & increase carefully selected categories.

I believe the following points are Key to bring out unique still attractive careful planned newer products into the system:-

1) Idea Generation & Screening: The Management must discuss internally (Brainstorm) with R&D, production, management, employees about some innovative brands which are unique, would be catered to mass market, difficult to replicate easily etc . Once all Ideas are generated than it should screen out 'Not so important' & select precisely after discussing the pro's & con's

2) Development of the Concept & Testing it: Once the company has arised with an wonderful concept, it should test the concept with the audience of the 'Target Audience', specialists to receive an Unbiased & frank feedback

3) Analysis: Once the concept is developed & tested it's concept of it's interest, feedback received from the potential customers, specialists & if found viable option than the company should come to numbers or analysis. this analysis encompasses production costs and expected profit margin, as well as total market size for the product. Businesses must also weigh the product's position within the business brand.

4) Product Development: After all the process if successfully carried & found not only beneficial, feasible as well as profitable. The next step would be to develop the product by it's R&D along with Manufacturing should work on it's design,  add the values required & create the 'Concept' into 'Reality' or as a actual product.

5) Market Testing: The company may launch the products in a small area or territory to check it's movements, reaction of customer's etc. Companies usually also carries out lots of advertising, promotions, sponsoring of events etc to gauge attraction, spreading awareness etc

6) Commercialization: The final step would be consists of making the product available to the customer base at large and launching a marketing effort to support it. Commercialization includes producing enough of the product to cover initial demand or having sufficient staff to provide the new service

:-)

Excellent answer by all experts............ my compliments to all