The SWOT (strengths, weaknesses, opportunities and threats) analysis model could be used during this stage. You should consider market and customer needs, affordability and profitability, feasibility, growth potential and relevancy. Screening the ideas you generated in the previous stage will enable you to pursue and develop fewer, stronger concepts. Reduce the amount of ideas to make a compact list of the best ones. Customer feedback can come in hugely handy here if you have it, as it can highlight any outstanding customer needs that are not currently being catered to. You should also analyse any weaknesses in existing products and gain a better understanding of how these issues can be resolved. Things to consider at this stage include the opportunity to improve existing product ranges.
Generate ideas for the product or service through both internal and external sources.īy brainstorming ideas for your product and spotting gaps in the market, you can develop the concept into a strong proposal.
Ultimately, you should finish this stage with some form of strategy for the future process. During this stage you should expect to conduct market research around your new product idea to help you understand what already exists and how your product will fit in. This stage requires you to gain an understanding of the aims and goals of the new product – whether it’s replacing an old one or bringing something completely new to market. Stage 1 – Strategiseĭefine your objectives, conduct market research and formulate a strategy for the product. Each of these stages is explained in more detail below. These usually occur in chronological order, although overlap can sometimes take place. The standard product development process is made up of eight unique stages. What are the stages of new product development? The process will also be different for physical and digital products. For example, ideating a brand new product will be different to testing a service designed to replace an existing one. The strategy will differ depending on the stages of development and the purpose of the product. Product development time is used to plan and strategise the creation of a product or service, as well as to test and build it. How is the product development process used?
Products can be introduced to replace, take over or expand the market. Otherwise known as the new product development process (NPD), this term covers everything from initial conception right through to launch. The product development process refers to delivering new products and services to market.
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