New Product Introduction and Process Every Entrepreneur Should Know

New Product Introduction

New product introduction is quintessential for every entrepreneur along with its process of introducing a new product in the market. There are several steps that need to be taken before a new product is introduced to the public. However, it is not mandatory for the entrepreneur or business owners to know all the steps or processes if they are tied up with an experienced product development company.

Although there are several steps that are included while developing a new product, each and every step has its importance. The first step is to come up with an idea for a new product, but it is not as simple as it sounds, as this step can take months or even years before it’s ready to be put into production. Once an idea has been finalized, the next step would be to develop a prototype of the product and try it out with consumers to see if they like it or not. You may need to approach a few customers and organizations to use the prototype model and share their feedback about the product.

The third step would be to figure out how much money will be needed for the production of the new product to start. This includes researching suppliers and factories that can build your product at a reasonable price. It also involves developing an understanding of how much inventory will you need for new product development. The new product introduction process will help you to evolve your product and develop it even further. The entire process will involve many things, from product ideation to bringing a new product to the market for the first time. It includes four steps:

  • Developing an innovative product idea
  • Finding out if there is market demand for it
  • Creating and testing prototypes
  • Introducing the product to the public

New Product Introduction Process

A new product introduction process is a strategically planned process of introducing a new product to the market. The new product development process starts with identifying needs, followed by developing and designing a product, and finally marketing and distributing the product. The purpose of this process is to ensure that you have identified all possible needs for your product and are able to meet those needs before you introduce it to the market. Hence, you will have a better brief and understanding of the product you need to develop.

From developing to launching the new product, an expert product development company will assist you or handle everything. The development process varies from one company to another, but it usually includes,

  • Defining the new product requirements and planning
  • Researching potential customers and competitors
  • Designing prototypes
  • Testing prototypes with potential customers
  • Finalizing the design

The launch process usually starts with marketing research to develop a marketing strategy which may include advertising campaigns or public relations efforts. However, the main challenges in developing new products are time constraints and competition. But many organizations address time constraints by using project management tools such as Gantt charts and PERT diagrams which help keep all team members on track with their tasks. Similarly, competition can be addressed by surveying competitors’ products and determining how they differ from your own product in terms of quality, performance, and expenses.

New product introduction is the process of getting a new product to market. The process can be divided into four stages:

1) Idea generation

2) Concept development

3) Product development

4) Introduction

Get Help From GID Company For New Product Launch

For new product introduction, an experienced and expert product development company in California such as GID Company can help by implementing an efficient and effective product design and development process. The first stage in the process involves generating ideas for new products and services. While the second stage involves developing these ideas into concepts. The third stage is about developing prototypes and testing them. And, the fourth stage is about introducing these products or services to customers.

A perfectly planned new product introduction process will not only help in the development cycle of the product but also the product launch in the market. If you have any doubts or questions regarding how to introduce a new product to the market, please feel free to reach out to our professionals at +1714-323-1052 or schedule a free consultation.

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We Can Help With Concept Development

Concept Development

Concept development, as you all know is a very important step or stage when we are talking about the product development process or developing a new product. Some may refer to product concept development in California as the first step of new product development. If you have a great product idea in your mind and if you are thinking of bringing your product idea or concept to life, then it will be essential for you to approach the best concept development corporation such as GID Company. Although the entire process of designing and developing a new product can be somewhat complex, our well-experienced professionals will guide you through it.

From product ideation to launching your product in the market, our concept development company can cover all the aspects of new product development. If you want to get expert help from a highly experienced and professional product development company to develop your product idea or concept then it will be beneficial for you to let GID Company become your product development partner. Our well-versed and skilled professionals will make sure to understand your product idea with patience and how you want to develop it. We will make sure to design and develop a powerful and robust product based on your product concept and requirements.

At GID Company, we are committed to offering exceptional concept development services to build a successful product for your business or organization. Our well-planned and effective product development process includes a powerful strategy for product concept development. Our professionals believe that a proper product development process will have higher chances of building a unique, durable, and market-ready product. Spending several years in developing and improving the concept ideas of our clients, we are confident to develop a superior product from scratch according to your specific needs. Some of the important steps or stages of our concept development process involves,

  • Define the market
  • Product concept development
  • Understanding customer’s needs
  • User-Friendly product design
  • Rapid prototyping services

Contact Our Concept Development Company in California Today

Shape your product idea into a profitable product by obtaining our trustworthy concept development services. We have been offering world-class product design and development services to our valued clients for more than 20 years. Our product development process is very easy to understand and transparent, in terms of technicality and conceptuality. Our professionals will help manufacture an agile, cost-effective, and market-ready product by improving or enhancing your product concept or idea. If you want to get more information about our concept development process then please feel free to call us at +1714-323-1052 or schedule a free consultation.

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Our courteous and helpful professionals will be more than happy to answer all your questions and resolve all your doubts. Give us a call or leave a message and our experts will get in touch with you soon.

5 Phases of Product Development Process [2022]

5-Phases-of-Product-Development-Process-GID-Company-California-1

The new product development process usually starts with Idea Generation.
There are 5 phases of product development process in the initial phase of product development where the new and innovative ideas are generated only to go through screening and concept development before reaching the final stage of product introduction in the market.

Steps of Product Development

As most entrepreneurs and business owners may know, new product development is indeed a significant process that small as well as large enterprises go through for their survival and expansion.  The business environment becomes competitive by the day, and everyone has to adopt new strategies and ways to keep up with the market trends. From product conception to product launch in the market, everything comes under the new product development cycle or process. To make the product development process simpler, we have enlisted here the five phases of the product development process a business or individual needs for new product development.

Idea Generation

Idea Generation

In this first stage of the new product development process, the businesses will define and clear new and innovative ideas regarding the product. Some of the crucial sources of idea generation come directly or indirectly from business owners, customers, competitors, journals, etc. The ideation sources may vary depending on the business models and hence, the product concept or idea must be well defined before the beginning of actual product development. The ideas generated during this phase of the product development process will act as an important pillar for the entire product development cycle.  

Screening

Screening

Once you have the list of ideas generated based on the customer and competitor analysis, you have to go through screening, the second phase of product development. The main purpose of the screening phase is to filter out or churn down the product ideas to the appropriate and viable ones. Also, it will be essential to take opinions from employees, relevant businesses, and of course, customers in order to avoid costly and expensive options. At the end of the screening product development phase, your business will have a few product ideas that are reliable and feasible from the large pool of ideas.

Concept Development

Concept Development

Concept development is considered to be the third stage of the product development process which involves some research and analysis of potential costs, revenue, and approximate profit to be generated within a specific time period after launching the product. Utilizing the SWOT analysis, the firm will be successful in finding out the strengths, weaknesses, threats, and new opportunities in the global or local market. Defining the market through important market segmentation, the firm will set out to identify the product niche which affects most decisions. 

Product Development

Product Development

During this phase of the product development process, the expert and experienced product developers, designers, and engineers will work on the finalized product design to develop a new product from scratch. The product will be manufactured on precise and detailed information and instruction in such a way that it fulfills all customer needs and requirements. After the analysis of a market-ready product, the business owner will be asked whether to go for large-scale product manufacturing or small-scale production.

Commercialization

Commercialization

The new product development process starts with idea generation and ends with product commercialization or product launching – the last phase of the product development process. In this phase of product development, the business owner or entrepreneur will begin the promotion of products through effective and essential marketing campaigns. Based on the concept development research and data, the location, timing, and potential customers will be defined for the product introduction in the market.

Frequently Asked Questions

What are the 5 stages of the new product development process?

The five stages of the product development process include,

  • Idea Generation
  • Screening
  • Concept Development
  • Product Development
  • Commercialization

Additionally, there are several other sub-phases of new product development depending on the product or business.

The new product development process usually starts with ________.?

Idea generation or product ideation is the first or beginning stage of new product development in which the new, unique, and innovative ideas are listed out based on the analysis of customers and competitors.

What is the first stage of new product development?

As stated earlier, you can consider Idea Generation as the first stage for new product development. Whether you want to design a new product or if you want to develop a product from scratch, the process begins with generating product ideas or concepts.

How much does it cost for the new product development process?

The cost estimation for new product development depends on various factors such as the type and category of product you want to develop for your business or organization. Feel free to get a free quote by calling us at +1714-323-1052 or Contact Us.

What is the final phase of the product development cycle?

Product commercialization or launching in the market is the last or final phase of product development in which the business will launch promotional campaigns for new products.

5 Deadly Product Design Pitfalls for an Entrepreneur to Avoid in 2022

5 Deadly Product Design Pitfalls for an Entrepreneur to Avoid in 2015

After conceptualization, product design is the first, and one of the most complicated steps involved in the new product development that scare entrepreneurs the most. In the beginning, everything appears to be perfect; however, gradually, the initial product design undergoes modifications to form a new design, which then undergoes more modifications to form another design, eventually bringing the entire project to halt. As an entrepreneur, while designing and manufacturing a new product for your customers, if you have ever faced such crucial situation, then here are five product design pitfalls to avoid in 2015.

Meeting a Need

The procedure of product design is intended to meet the requirements and answer the problems associated with new product development. It may sound simple, but requires experienced professionals having latest designing tools such as CATIA V5, CATIA V6, and many other CAD and designing software. With the product design step, as an entrepreneur, you should aim to solve problems without creating more. Avoid extra and unwanted features that can frustrate your customers.

Not Able to Design User Centric Products

You are manufacturing a product for your customers; hence, it is your responsibility to keep their likes and dislikes in mind while designing it. Your products should be able to solve the problems of your end-users, or it should fulfil their requirements. Moreover, don’t overlook human factors such as how your product will be used, is it ready to bear rough use, is it waterproof, and similar questions. If you get a chance, interact with your potential customers and try to find out their views and feedback about your new product idea, and even ask for some input. The most successful product designs are the ones that the end users can admire for aesthetics. Keep the end-users’ requirements in mind but at the same time don’t ignore creativity or its coolness.

Designing for Design’s Sake

In many cases, it has been observed that entrepreneurs get covered up in what appears “Cool” or “How Beautiful the Design is”, and commence the designing process with the intention to hit the bull’s eye instead of handling the real issues. Don’t just design a product because you have to do it, in fact, find effective solutions to real-time problems and try to meet the requirements of your end-users. A rewarding product design is one that meets or exceeds the needs of its end-users.

Fixing the Wrong Issues

Industrial product design is a highly creative and fluidic procedure, but do not confuse “Fluidity” with “Out of Control”. Gradually, as a product design takes shape, things are discovered, and tangents emerge. For entrepreneurs, it is wise to stay focused on the real concept and design intent, and don’t let your design raise a new problem or solve the wrong one.

Safety

Every day, thousands of new products are poured into the market to win hearts and to make profit. However, end-users prefer to buy products that are useful as well as safe. Therefore, you need to design a product that is useful, safe, as well as have some jaw-dropping features that can amaze your potential customers. Offer your customers a product, which they can share or tell their family and friends about. Spare some time to conclude likes and dislikes of your customers, and try to integrate those features into your project.

If you are an entrepreneur, then it is recommended to avoid these five deadly pitfalls mentioned above as it can ruin your entire project. Feel free to contact the GID Development Corporation, California, a full-service product design and development company specializing in a design, engineering, rapid prototyping, rapid tooling and new product manufacturing.