Product development

Product development is a process allowing to materialize concepts, to concretize objects, goods, equipements, or to create services, technique different from those already existing, and which propose answers to satisfy collective or paticular needs in order to bring benefits to users. In other words, product development is a process bringing a product  from concept through market release, with the aim of offering answers to collective or particular needs. (New product development) and (What is Product Development?)

This process is composed of various stages. Although it is not always, the same steps for every organazation, there are common stages throught which products typically progress: 

Product development diagram

• Idea Generation: Collective brainstorming ideas through internal and external sources.
• Screening: Condense the number of brainstormed ideas.
• Concept Testing: Structure an idea into a detailed concept 
• Business Analysis: Understand the cost and profits of the new product and determining if they meet company objectives.
• Developing MVP (minimum viable product): Developing a sample of the product. This initial version of the product needs just enough  functionality to be used by customers
• Market testing/release MVP to users : The product is tested to a trial run, this will allow to get feedback, complaints and suggestions but also bring interest to potential customers. 
• Commercialization: Introducing the product to the public

* (New product development) and (What is Product Development?)

(Screening)

(Concept testing)

(Buisness Analysis)

(Product development)

(Market testing)

(Commercialization)

Screening

Idea selection is the step in the product development process that follows idea (or concept) generation.It involves the use of checklists or personal judgments and is based on information from experience and market research.

Considerations include strengths and weaknesses, the company's mission, market trends, and the product's potential return on investment.

The screening also uses judgments that predict the organization's ability to manufacture the item and its ability to market it successfully. 

The purpose of this step is to sort through all of the initial ideas to select those that will provide guidelines to guide the technical staff in their concept development efforts. 

Complementary steps :

• Identifying market need : Identify a problem that needs solving : conversations with potential customers, surveys, and other research activites 
• Quantifying the opportunity/ Idea Screening : Determining the amount of people and companies this product can be beneficial to and if they are willing to pay for it
  
• Building a roadmap: Identifying which themes and goals are central to develop first to solve the most significant pain points 
• Evaluation: Research to monitor the progress of new service offering in relation to organizational goals.

(What is idea generation ?)

Identifying market need 

A product solves problems. So the first step in a product developement is to identify a problem that needs solving to offer a way (or a better way) to solve it.  

• Understand the goals on consumers 

One way to start identifying underserved needs is by examining the market through the lens of the jobs that needs to be done. Which means, by not focusing on what the people want but instead the goal they acheive by consuming a certain product. In other words, the goal here is not to dwell on what the users need but instead, focus on why do they need it. ( HOW TO IDENTIFY AN UNDERSERVED NEED IN THE MARKET )

• Be introspective 

When determining the needs of the market you can start by yourself and observing your daily routine: determining your daily tasks and listing all the tools that could be helpful to ease some of your tasks or by taking note of the defaults and inconvineinces in an existing product.

• Interviews 

Conducting interviews is another important step in the stage. Indeed, by interveiwing other people you can affirm or deny any hypotheses you came up with during your introspection. To do so you can either (if you already have a settle idea on who you want to introduce your product to) focus your interviews on a target demographic or you can interview a wider and more diverse range of people to ensure you hear a variety of perspectives and ideas.  

You can ask questions on their needs, or on the reason do they use a certain product and if these products fufill all of their neeeds and so on. 

• Identify and examine competitors 

After interviewing people, selecting an idea that seems profitable and have discovered you're goal. It's time to see if there isn't a company already fufilling this need.Therefore you should research businesses that are currently offering solutions to the job you’ve identified and also list those that can be hired to do the job that aren’t a one-to-one match to your product (those that can be used as subsitute to satisfy the consumers needs). 

Then make a list of the strenghts and weaknesses of each competitor again focusing on how well they satisfy the need of the users. This step may involve more market research, including interviewing people who have purchased rival products or services.

By analyzing the strengths and weaknesses of your competitors you can find the gap they collectively leave. This is how you know the market need is currently underserved and leaves the door open for your new product to solve it. ( HOW TO IDENTIFY AN UNDERSERVED NEED IN THE MARKET )

• Be observant and attentive 

Finally you must stay observant of the market progression, as technologies shift and new jobs to be done arise, so you can continue to serve customer needs.