Product development is a complicated process. The entire development cycle starts with defining your vision, researching customer needs, prioritizing features, and testing concepts. As you work towards developing your product, a product team may create lightweight wireframes, mockups, and prototypes to capture early feedback and make sure engineers know exactly what to build. This way, they can make changes as needed. Once your product is ready to launch, you can begin hiring product managers and engineers to execute your design concepts.
Product development starts with the initial idea stage. This stage involves brainstorming ideas for new products. Ideally, the product will be able to satisfy the needs of a specific market segment and be priced affordably. After brainstorming the various possible product concepts, it’s time to analyze your existing product portfolio. Is the concept similar to an existing one? If so, it’s not a good candidate for development. It must be sufficiently different to be viable and popular.
While product development may be unpredictable, the process itself is highly predictable. A company’s most successful products are often made by a series of repeatable tasks. As the utilization of the product increases, these processes behave in a systematic manner. Throughout the process, the team will learn as much as possible about what customers want and need from its products. This is the best way to ensure your new or improved product meets real customer needs and helps the business meet its goals.
Another type of product development is a simple, yet highly effective, modification of an existing product. This process adds value to the customer. For example, Apple releases a new iPhone every couple of years. While the new features are usually minor, the price of the new model increases accordingly. This is because Apple devotees are constantly looking for new iPhones and are willing to spend ever increasing amounts for them. This is a form of product development that is rarely seen in small companies.
Product development can involve simple modifications of an existing product. A simple modification of an existing product can add a significant amount of value to the customer. For example, a new iPhone by Apple is a mere adaptation of a current model. Its major difference is the number of features it has. A new version of an iPhone can be up to 100 times more expensive than the original. A new iPhone can be an entirely different model altogether. It can be a simple variation of an existing product.
Depending on the purpose of your product, the concept development process could be very different from the original. In the initial phase, the idea stage, the concept stage, or idea stage, involves brainstorming new concepts based on research, consumer needs, and the market. Then, it is necessary to evaluate the new product concept against an existing product portfolio to make sure it is unique and not similar to an existing one. As a result, your product will be different.