Tag Archives: Custom Product Manufacturer in California

Product Development Strategy Definition by Custom Product Manufacturer, California

Product Development Strategy Definition by Custom Product Manufacturer
Product Development Strategy Definition by Custom Product Manufacturer, California 5.00/5 (100.00%) 2 votes

Manufacturing a new product or modifying the existing one as per the market or the end users’ requirements, and returning those products to existing or new market is the definition of product development strategy. Custom product development strategy is a bit complicated in nature. To frame an excelling new product development strategy, as an entrepreneur, you need to focus on every tiny detail. It requires keen attention to competitors’ products, customers’ requirements, the ability to design and prototype, full in-house manufacturing capabilities, and a potent marketing plan. For your knowledge, there are several subsets of product development strategy, and they are as follows:

Product Development Diversification Strategy

This product development strategy is employed when a company’s existing market is saturated, and returns and profits are still or falling. There is no or a very diminishing opportunity for business growth. A product development diversification strategy helps a company overcome its prevailing business ecosystem, and a new product is manufactured for a new market. Due to the recession and heavy competition, when an insurance company selling insurance products decides to develop a financial education program targeting college students, it is called diversification strategy. Because of existing competition and the presence of similar products, the new product developed may not be revolutionary in the nature, but it is new to the company manufacturing it.

Product Modification Strategy

A product modification strategy is quite common among entrepreneurs and is normally aimed at existing markets. A hidden advantage of this strategy is it allows entrepreneurs to capture new customers for the new product. Toothpaste is the best example of modification strategy. Toothpastes that promote anti-cavity or teeth whitening qualities are built on existing simple toothpastes that only guarantee clean teeth and healthy gums.

Revolutionary Product Development Strategy

Under the hood of revolutionary product development strategy, revolutionary new products are designed and developed to solve specific problems or meet end users’ requirements. Smartphones and advanced computers are the best examples of the revolutionary product development strategy. Before these revolutionary products made their way to market, consumers did not know they needed them. However, a revolutionary thought of creating a better device for communication ended in products that have modified the rules of communication and have considerably altered the competitive landscape.

Benchmarking the Process

Whatever product development strategy you employ depending upon the nature of your business, the new product manufacturing process must be carefully thought through. It also requires a sequence of benchmarks along the way. These benchmarks evaluate whether the manufacturing process should be continued or not because custom product development is normally high-priced and time-consuming. For instance, a company is manufacturing a new product, but a competitor takes on the market with the similar product with advanced features, then your company must make a “Go/No Go” decision about its own new product development options.

Consumers Front and Center

Depending upon your business ecosystem, whatever the product development strategy you decide to continue, always keep your targeted customers in the front and center, and involve them in the process from start to finish. Set a limit for your manufacturing overheads. Keep aside an adequate budget for consumer evaluation of the new product at the ideation, prototyping and the bulk manufacturing stages. An important point to remember is that whenever you opt for new product development, don’t include only customers those who represent your primary market, but also include secondary customers to whom your product might appeal in the near future.

 About the GID Development Corporation

The GID Development Corporation is a custom product manufacturer based in California that caters to start-ups, small and large businesses’ unique requirements. Valued as one of the leading product manufacturing companies in the United States, GID is known for setting the bar for product design, rapid prototyping, testing, and bulk manufacturing.

To assist entrepreneurs in developing flawless new products, the GID Development Corporation is now offering a free 15-minute conference to answer questions related to new product development. There is no risk, no obligation; contact them now at 714-528-2482.

7 Tips for Overnight Success in New Product Development by a Product Manufacturing Company

7 Tips for Overnight Success in New Product Development by a Product Manufacturing Company 5.00/5 (100.00%) 2 votes

Curiosity, creativity, and the zeal to bring those impossible ideas to life are the reasons behind the comfortable and relaxed life that we are enjoying today. All the tech-gadgets, household amenities, high-speed transportation means, etc. that have made our life simply simple were just concepts and somebody’s hard work or greed to earn name and fame brought them to life. Anyway, whatever would be the reasons, but we citizens are obliged to all those inventors and Product Manufacturing companies who offered us something beyond our imagination.

New / Custom Product Development is beneficial for both, the manufacturers and end users. However, looking at the fierce business scenario, it is more beneficial for the entrepreneurs because manufacturing a new product offers them a chance to stay ahead of the competition and competitors. No business can continue to offer the same unchanged product for a longer period of time; or else their customers will move to something else with more features at a reasonable price. Here, solely for entrepreneurs, we will discuss some points about how to develop an out-of-the-box product with the help of product manufacturing company to gain and maintain that sustainable cutting edge.

Here are points an entrepreneur need to consider:

1.    Identify new opportunities for your product

Open up your mind, explore your surrounding market, and find out, what’s there for your upcoming product. Think creatively, as it will open new grounds and ideas for your business and, combined with the correct manufacturing processes and equipment will let you calculate how your business can best approach innovation, including when to hire external expertise.

2.    Analyze potential in your new product idea

Access to a high-quality market intelligence, a thorough understanding of the prospective market and evidence, professional knowledge and capability, may all be required to offer proof of the market or the technical potential out there before you move ahead with a major commitment.

3.    Search Tax and Finance Efficient Ways to Support Innovation

Money is the most influential element in the new product development. Factors such as inadequate investment, the potentially lengthy development period before new concepts yield a profit, and insecurity about whether a project will be a success, can be huge hurdles towards securing investment. These factors should always be taken into consideration, along with tax incentives and access to local or national funding, which may be offered to help.

4.    Manage the innovation process

Handling new opportunities and their challenges requires systematic planning and controls. There may arise a situation where you need to develop your processes further or embrace the best practice to enhance your chance of success and strive to harness the potential of clever design.

5.    Protect Your Concept from Competitors

While developing a new product, an entrepreneur needs to consider the importance of Intellectual Property (IP). Entrepreneurs can protect their concept by many ways ranging from patent to trademarks including Non-Disclosure Agreements during early stages of development. This move will safeguard their idea from being copied.

6.    Commercialize Your Ideas and Get into New Markets

If your desire is to extract maximum profit out of your investment in innovation then the only way to do it is by protecting your idea, identifying the targeted market, locating the correct doors to enter the market, and finally, understanding the prevailing market trends.

7.    Over Come Common Problems

Once you initiate the product manufacturing process, commercial or technical problems can often delay or disturb business innovation, and this can be a serious frustration for an entrepreneur. If you face any of these problems, then it is suggested to explore and adopt new solutions or approaches for product development.

New or Custom Product Development is an important business activity for all entrepreneurs, as it keeps a brand alive and active in the market. Moreover, it also helps an entrepreneur to stay ahead of the competition. If you don’t sweat on your idea, then someone else will steal it and enjoy your share of the cake.

If you are an entrepreneur, who is looking for free tips for new product development, product design, product prototype development and product marketing, then call GID, a product manufacturing company based in California, at 714-528-2482 or visit: www.GIDCompany.com