Magazine Product Development — An Overview: From Idea To Product Product development is the creation of a new or different product that offers innovative new benefits to the end user. This includes both the creation of an entirely new product and modifications to an existing product. These changes or new introductions may be targeting a newly defined customer requirement or a niche category in the market.
In fact, most established consumer goods companies dedicate a significant part of their resources towards developing new versions of products or improving existing designs. However, where most other firms may only spend less than 5 percent of their revenue on research, industries such as pharmaceutical, software or high technology products need to spend significantly given the nature of their products.
Basic Research When research aims to understand a subject matter more completely and build on the body of knowledge relating to it, then it falls in the basic research category. This research does not have much practical or commercial application.
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Table of Contents:
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Product Development – An Overview: From Idea To Product
- It is also helpful for the team to keep important aspects of the future product in mind such as how lean it is, how scalable it is and how much return can it generate.
- Will it be acceptable to the customer at target price?
- New product development is the first stage in the product life cycle management process, the strategic process that is used to manage products and market share.
- It is important to estimate as close to reality as possible the likely sale price, based on competitor analysis results and consumer focus group or survey data.
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