Product Development

Product development is the enhancement of an existing product with new characteristics or the creation of an entirely new product to cater to a niche target market. It involves a series of steps such as conceptualization, design, development, launch, and iteration.

The benefits of product development are:

• Improved customer satisfaction
• Creation of new business opportunities
• Improved profitability and productivity for businesses

It is paramount to conduct market research at all stages of product development to make sure it appeals to the target market.

Software product engineering covers the entire product life cycle such as conceptualization, design, development, testing, and deployment of a software product. The various stages of product engineering include:

• Identifying a market need through market research
• Conceptualizing the product idea
• Building the product roadmap
• Creating the product architecture and designs
• Developing and assembling the product
• Testing the product
• Launching the product
• Providing technical support

New product strategy is the process of adopting new strategies to improve existing products, or creating new products that the market seeks. This becomes essential when the existing revenue platforms start declining or stagnating. You need to then bring in innovation at all stages of product development, right from conceptualization to rollout. A well executed new product development (NPD) strategy captures your client’s expectations accurately, and effectively eliminates the wastage of time, money, and resources.

Product development is important for the following reasons:

• To satisfy the rapidly changing consumer requirements
• To outdo competition by offering improved value at competitive prices
• To keep pace with technological advancements
• To identify new opportunities to sustain and grow your company
• To minify risks
• To build and establish your brand name
• To give back to the society

New product development (NPD) is the process of introducing new products to the market in response to technology advancements, changing consumer preferences, increasing competition, and more. NPD can also be to tap into an emerging opportunity in the market. Forward-looking businesses sustain by analyzing their customers’ requirements, enhancing products as per the needs, and also by developing new products that surpass their customers’ expectations.