The process of introducing a new product to the market is called product development. To make sure the product satisfies the consumer’s needs, a thorough planning, research, and testing procedure is necessary. Finding business possibilities and developing a company plan are further steps in the procedure. The 7 stages of product development, including the 6 stages of product development, business opportunity factors, the 3 primary goals of a business plan, and the Gordon method will all be covered in this article.
1. concept generating: The process of creating a new product begins with concept generating. Making a list of prospective product ideas is part of this stage. Market research, customer feedback, or brainstorming sessions can all be used to accomplish this. 2. Idea Screening: In the second step, possible product ideas are screened to see which ones are worth pursuing. In this phase, the concepts are assessed for their potential profitability, market viability, and practicality.
3. Concept Development: The chosen idea is developed into a concept at this step. This entails writing a thorough description of the product that includes all of its characteristics and advantages. Design and Development: The fourth step entails the creation of the product. This phase involves developing prototypes, putting the product through testing, and improving the design.
6. Launch: At this point, the product is put on the market. This covers distribution, advertising, and promotions.
Development of a Product in 6 Stages
The post-launch review is the only difference between the 6 and 7 stages of product development. These are the six phases: Business Opportunity Elements:
1. Idea Generation
2. Idea Screening
3. Concept Development
4. Design and Development
5. Testing and Validation
6. Launch
Entrepreneurs should consider factors that might make the product an appealing possibility while vetting possible product concepts. Market demand, potential profitability, a competitive edge, scalability, and risk are some of these components.
A business plan has three major goals: to give a path for product development, to attract investors or lenders, and to explain the company’s mission and strategy to stakeholders. The Gordon Approach
A mathematical technique is employed to value a company’s stock called the Gordon method. The formula considers the current share price, profits per share, and anticipated growth rate of the company. To determine if a stock is overvalued or undervalued, the formula is utilized.
In conclusion, product development is a challenging process that necessitates a great deal of forethought, investigation, and testing. Idea generation, idea screening, concept development, design and development, testing and validation, launch, and post-launch evaluation are the seven stages of product development. When evaluating possible product ideas, entrepreneurs should look for business opportunity elements, and a business plan has three key functions. A mathematical technique is employed to value a company’s stock called the Gordon method.