The product development process
Let’s learn about The product development process. Beginning with new ideas in the form of concepts, a series of activities is undertaken, beginning with market research and progressing to planning, sample development, copyright and registration of intellectual property, production planning and finally market launch. Feedback from market launch is then input into the generation of new ideas, in an ongoing process of continuous improvement. Market Research involves the identification of who will be the potential customer for a new product idea. It includes a range of enquiries aimed at understanding the dynamics of the industry within which your product is placed, such as
- What are the demographic characteristics (number of potential customers, age, disposable income, lifestyle characteristics, cultural preferences, purchasing patterns, etc.) of the market?
- Who are the key players?
- What margins may be applied to wholesale pricing?
- Which products are most successful?
- Why do customers buy?
- What are the current trends in the market?
- What conditions (e.g. regulations, border controls, duties and taxes) apply to market access
The product development process encompasses all steps needed to take a product from concept to market availability. This includes identifying a market need, researching the competitive landscape, conceptualizing a solution, developing a product roadmap, building a minimum viable product, etc.
Product managers act as the strategic directors of the development process. They pull together the cross-functional team, communicate the big-picture goals and plans for the product (via the product roadmap), and oversee the team’s progress.
