Tag Archives: Product Manufacturing Company in California

Why a Company should Consider New Product Development in 2015

Why a Company should Consider New Product Development?
Why a Company should Consider New Product Development in 2015 5.00/5 (100.00%) 3 votes

The year 2014 was quite competitive for businesses, and the competition is expected to reach new heights in the year 2015. Therefore, every business needs to innovate in order to survive and to stay ahead of the competition. Offering the same unchanged products to your customers will decrease your profit margin as well as the reputation of your brand in the respective market. Here, we will summarize some facts about why a company should consider new product development after a periodic interval of time.

Customers “Needs and Wants” Change– Customers’ requirements and necessities continuously change with the time. Therefore, to survive, a company should answer these changes through their services and innovative products. If they fail to cope up with the “Needs and Wants” of their customers, the customers will instantly switch to competitors’ products that meet their requirements and necessities. The tech-giants Google and Apple are the best example. Both of them frequently update their product offerings to satisfy end users’ requirements.

Life Cycle of a Product– Every product comes with an expiration date. The product that you introduced a ways back may be at the end of its life cycle; therefore, as a smart entrepreneur, you should launch new and improved to please and attract your customers. For example, Apple Inc. recently introduced iPhone 6 and iPhone 6 plus as iPhone 5 and 5s were outdated, and end-users were waiting for something amazing and incredible.

Product Reaches its Maturity Stage– Technology has penetrated in every industry, helping them create innovative and more functional products in less time. Because of this penetration, products very soon reach their maturity stage. End-users also constantly search for innovative products with version updates and new features. Introducing new or updated products can stimulate sales.

Level of Competition in the Respective Market– Either small, medium or large, the level of competition around every business is constantly intensifying. A healthy competition inspires a company to come up with new products regularly. This is very common in the technology market, where new products with advanced features are constantly being launched to a target market that welcomes innovation and change. If a product successful, then competitors will try to create a similar product with better features.

Unsuccessful Products– Unfortunately, if your products are facing poor sales or experiencing negative reviews, then it is time to upgrade your product offering.

Despite the size of your business, new product development is a significant activity for every business. There are many over the top advantages of product development, but the most important ones are it allows you to stay ahead of the competition. To know more about why a company should consider new product development in 2015, contact the GID Development Corporation at www.gidcompany.com/contactus

While considering these facts, businesses should also look into Product Development and Factors to Consider Before New Product Development, which will help them create a new product to survive and to stay ahead of the competition.

Product Design and 4 Most Important Questions

Product Design and 4 Most Important Questions 5.00/5 (100.00%) 2 votes

Product design is the first and the most important phase of a custom product development. Most small or midsized businesses start from a product design concept – whether, they are deciding to manufacture small items such as plastic bottles, or a multifaceted and sophisticated product like home appliance. However, before you proceed with the product development process, you need to consider the following three questions for a successful product.­­­­­­­­­­

  1. What is my product?

At the very first sight, the question may appear to be silly, but it is a fundamental question ensuring the correct product development. Having a clear understanding of what your product is, allow you to concentrate on your research and your end-result. Additionally, you also need to understand, how your product is superior compared to similar products offered in the market by your competitors. You need to stand out with your product and simultaneously find the entry door in the market for your idea.

  1. What will be the function of my product?

What your product will do? How will it attract new customers? Which will be the most promising feature of your product? Will it be used outdoors / indoors? Is it a multipurpose product? These sets of questions ensure that throughout the development process, you have your potential customers in mind. Are you going to target a specific group of customers? If yes, then there is no smartness trying to make your product appeal to a customer group that will never use your product.

For instance, manufacturing a nutcracker to attract the young generation is a waste of time, as your potential customers will be the people belonging to the age group of 50years and above. It is also important that you keep an eye on your competitors to see if they are producing something similar or not. In business, there is nothing wrong with integrating something that works well in a similar product into yours, but you just need to ensure yours is slightly different or a superior product.

  1. Can my targeted end-users afford my product?

At the end of the day, everything depends on the cost of the product – higher manufacturing cost means higher retail prices, which may obstruct the success of your product. As a solution to this problem, analyze your market, understand your potential customers, and investigate what they are actually willing to pay for products similar to your concept. Are you manufacturing a multipurpose product that will be used repeatedly, or are you developing a disposable item?

Follow these useful tips of keep product costs to their minimum.

  • Selection of Correct Raw Material for Manufacturing: Using expensive metal or any other expensive raw material where a plastic could do the job is a simply unnecessary expense. Use of plastic reduces the overall manufacturing cost, because it can be melted and molded very easily. Eventually, reduced manufacturing cost means an affordable product for your end-users.

 

  • Selection of Correct Manufacturing Process: A multipurpose product will have multiple parts, which ultimately incur higher manufacturing costs. Therefore, if possible, it is recommended that you keep the least number of physical moving parts in your product. Product development is also determined by your anticipated product finish, raw-material selection and batch volume. Normally, the higher batch volume, the lower manufacturing costs. The molds used to develop your product are also expensive, so larger production volumes reduce your overheads further.
  1. What will be the life span of your product?

What about the durability of your product, and how long will it last? Will it stand a rough use? If you are manufacturing a multipurpose and sophisticated product with an extensive lifespan, then material selection can be your own personal preference. However, if you are manufacturing a single use, disposable product with a short lifespan, then it is necessary to make sure that your cost is as low as possible. Therefore, select the best and cheapest material for developing your product.

Initially, the process of product design and development can be stressful, irritating, demanding, time-consuming, and nerve-wracking; however, it gets smoother as time goes on. After so much of hard work, when your product arrives, beautifully packaged, and arranged for sale at the store shelves, there is no better reward.

For any kind of tips, hints, or assistances related to product design or development in the USA, please feel free to contact us at www.GIDCompany.com, or call us at 714.528.2482 to talk to our product designers and engineers.

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