Tag Archives: Product Development Strategy

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.

Product Development Strategy by Product Development Company

Product Development Strategy by Product Development Company
Product Development Strategy by Product Development Company 5.00/5 (100.00%) 2 votes

A well-versed new product development strategy can avoid waste of time, money, and resources. It will not only help you organize and manage the entire product manufacturing process, but it will also help you in capturing your customers’ views and expectations, and strategically design and resource your new product development project. According to product development experts at GID, a well-planned NPD strategy will also aid you in evading:

  1. Miscalculating and misinterpreting your potential market
  2. Introducing a badly designed new product
  3. A product that does not meet the requirements of your targeted end users
  4. Incorrectly pricing products
  5. Utilizing resources resulting in more-than-expected manufacturing costs
  6. Exposing your business to risks from sudden competition

Furthermore, there are essential steps you should plan into your new product development strategy, and they are as follows:

Define Your Product – A detailed and systematic description of the product you schedule to develop will keep you and your team concentrated and escape new product development pitfalls, including manufacturing too many products at once, running out of resources, and wastage of time and money.

Identify What Your End-users are Looking For – A successful new product development strategy requires an in-depth knowledge and understanding of your targeted end-users and their requirements. A new product development strategy derived based on strategic, targeted, and determined approach will make sure that your product satisfies the needs of your market.

So, before your plan anything, ask yourself:

  1. What market uses the product I am scheduling to develop?
  2. What is the need of respective market?
  3. Will it satisfy the need of the targeted end users, and up to what extent?
  4. What are the market’s frustrations of available similar products?
  5. How will my product fit into the prevailing competitive market?
  6. How my product is better and superior to other products in the market?

If possible, try to gather real-time data to conclude what your targeted market requires.

Set Time Frames – You need to permit sufficient time to create and execute your new products. Your purpose of manufacturing new products will help you define manufacturing time and your deadlines for execution. Be attentive and accurate. Important points to remember:

  1. Your aim to race against the competition in the respective market will demand efficiency from your team.
  2. Your desire to launch the product before pre-defined deadline will be effected by request for regular products and calendar events.
  3. Your objective to satisfy the requirements of your targeted customers will require time for research to make sure you create the required product within the decided period.

Identify Key Concerns and Approaches

Manufacturing new products is not an easygoing task. There are numerous other processes are entailed in manufacturing a product that is fit for your customer. The type of your business and your concept will conclude how many steps you must take. You may avoid or duplicate certain manufacturing phases, or commence some of them simultaneously; however, key tasks include:

  1. Creating and screening ideas
  2. Developing and screening concepts
  3. Testing concepts
  4. Analyzing market and business strategy
  5. Manufacturing and market testing products
  6. Implementing and commercializing products

For Assistance, Contact GID at 714–528-2482 – With more two decades of industry experience, GID is a sophisticated product design company based in California. We offer fully controlled, cost effective, and high quality product manufacturing services to our clients in the United States and worldwide. At any point of time, if you need any sort of help in manufacturing custom products for your business, feel free to contact GID at 714–528–2482.

Visit our portfolio, where you can find the list of products that we created from concept to reality: http://www.gidcompany.com/portfolio.