Develop innovative products and improve existing ones
The product development process offers teams a structure to innovate and improve upon existing products.
The product development process can take many forms, but typically involves four main stages: identifying market opportunities, ideation, constructing the product, and commercialization.
Maintaining a well-structured, systematic approach is essential to avoid inefficiencies and falling behind competitors. Clear procedures and processes ensure teams can work cohesively toward reaching their goals.
Considering factors such as current market share, consumer demands, necessary investment, and competition analysis, a business case can be created.
This step is commonly considered the first step in the formal product development process.
Product Development Overview
Product development is a systematic process that teams can use to create new products and enhance existing ones.
While the product development process can take many forms, it generally involves four key stages: identifying a market opportunity, brainstorming ideas, building the product, and bringing it to market.
Maintaining a well-defined process is essential. Without it, teams can waste time and fall behind their competitors.
Considering factors such as market share, customer requirements, necessary funding, and competitor analysis, a business case can be developed. This is often considered the first step in the formal product development process.
A product is a set of benefits that can be either tangible, such as a physical object, or intangible, such as a service or experience. The process of developing a new product involves two concurrent activities.
One aspect focuses on extensive market research and analysis, while the other involves idea generation, product design, and detailed engineering.
The start of new product development signifies the beginning of the strategic product life cycle management process, which oversees both products and market share. A proficient product development process allows a company to:
1. Recognize Customer Needs
Identifying customer needs is the most critical and often neglected stage in the development process.
Teams often rush towards an immediate solution upon hearing customer complaints, but this can be compared to driving miles in the wrong direction before consulting the map. It is more effective to pause, actively listen to customers, and strive to understand the underlying problem. Occasionally, a customer complaint may not be as straightforward as it seems.
Product development involves the creation of a new or improved product that provides innovative benefits to the end user. This includes the creation of an entirely new product as well as enhancements to an existing product. These modifications or new releases may be designed to meet a newly identified customer need or to serve a specialized market segment.
2. Brainstorming Ideas
Once the team has identified a real need, they can begin solving the problem. While there are numerous approaches to idea generation, it's most effective to oscillate between generating a plethora of ideas, often referred to as ideation, and then refining the list to include only those that are feasible.
Maintaining an open mind is critical because it's often difficult to predict which approach will succeed early on. Team members may be reluctant to try new ideas simply because they haven't been tried before, and they may inadvertently overlook viable options.
3. Product Development
Before building a product, teams must create a business case to validate the cost of the product. This includes considerations such as Are there enough potential buyers? Will they be interested? Can they afford to pay enough to make the development process profitable?
Throughout this phase, the team can collect feedback from customers, make iterative improvements, and enhance product features for the release.
Is the concept or idea at this stage in line with sound business principles and does it have tangible business value?
Positive responses to the questions trigger the decision to proceed with prototyping the product, whereas negative responses may indicate the conclusion of this phase, requiring a fresh start.
Finally, the product arrives at the commercial launch stage where the marketing mix comes together to introduce it to the market. This phase marks the beginning of the product's life cycle.
The launch does not indicate the conclusion of marketing efforts for the product. Rather, it furnishes marketers with genuine market data regarding the product's performance under real-world conditions, which goes beyond the controlled testing environment.
This data opens up new possibilities for generating ideas to improve and make adjustments to the marketing mix in all areas.
Product development processes help teams avoid expensive mistakes
While not every innovation can strictly follow a process, some discoveries may be stumbled upon by chance or through fortunate mistakes. Processes assist teams in minimizing time wastage as much as possible.
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Product Development | Cutting-Edge POS Systems Manufacturer | Jarltech
Located in Taiwan since 1987, Jarltech International Inc. has been a developer and manufacturer of POS and Kiosk systems for restaurants, retail stores and supermarkets. Their main software and hardware products include, Product Development, small business POS systems, self-service kiosks, smart card readers, Bluetooth thermal printers, embedded motherboards and all-in-one panel PCs, focusing on providing interactive kiosk solutions.
Leverage Jarltech’s 30+ years of expertise in developing innovative POS and Kiosk systems tailored for diverse business needs in restaurants, retail stores, and supermarkets. Our specialized solutions, encompassing IPC, Touch Monitor, Thermal Printer, and Smart Card Reader, are designed to elevate your business operations, ensuring seamless transactions and enhanced customer experiences.
Jarltech has been offering customers global B2B solutions with Jarltech’s POS and Kiosk Systems since 1987, both with advanced technology and 35 years of experience, Jarltech ensures each customer's demands are met.