New product development may seem as simple as forming an idea for a revolutionary product, manufacturing it, and putting it on the market, bringing it to the customers. Well, the reality is that new product development is a complex process, which involves contributions from many skilled individuals. New products should not only be useful inventions that can be mass manufactured and sold for profit, but they should also be safe to use, protected by intellectual property rights, and more importantly, be easily marketable.
Here are some steps, explained by GID Development Corporation, a product development company in California, USA, which are involved in new product development.
The primary stage of a product development is coming up with a fantastic idea for a new groundbreaking product. Oftentimes, new products are introduced in the market by first recognizing a specific need in the market and then developing a product to satisfy that need. Sometimes, revolutionary product ideas also occur just by chance or an unusual incidence that triggers the concept in the mind of the innovator.
Researching Plausibility of the Idea
The next stage of the product development is finding out the plausibility of the idea. In other words, the innovator needs to find out the degree of acceptability, usability and the value of the conceived new product. Knowing how well the potential customers will receive the new product is vital. It prevents a lot of time, money, resources and efforts on the development of products that are worthless to the potential customers.
Development, or rather, enhancement of a concept is the essence of new product development. It includes, but not limited to getting a grip on the basics, such as market research, material selection, material costs, product design costs, prototype development cost, overall manufacturing costs, potential profit, target regions, target customers, and so on.
Actual New Product Development
Actual new product development is the stage where the conceived idea and all the researched and concept development data are amalgamated and put into action. A product development company starts with the creation of new product design, using researched data. After the creation of a definitive product design, the company moves on to the development of prototypes. Then, the prototypes are tested, and changes are made until an idealized new product is realized.
After realizing an ideal new product from the conceived idea, the product is bulk manufactured. Usually, it is affordable to outsource bulk manufacturing. If the budget is not the constraint, your own production facility can also be set up to bulk manufacture the new product.
The commercialization stage of new product development involves packaging, branding, logistics, warehousing, as well as rolling out the advertising and marketing campaigns. In short, commercialization is a stage of bringing new products to the market and to the potential customers.
New product development is a complex, time-consuming, and arduous process. An innovator cannot tackle the new product development process on their own. Luckily, product development companies, like GID Development Corporation, are established that can help innovators with the entire product development process.
GID Development Corporation is an American product development company based in California. Utilizing their vast experience and the most advanced technologies, like Dassault Systèmes’ 3DEXPERIENCE platform, which includes product design and product development apps, such as CATIA V6, ENOVIA, 3DVIA, SOLIDWORKS, and more, the veterans at GID Development Corporation assist innovators in every stage of new product development. Whether it is the development of medical device products, mechanical products, electrical products, electromechanical products, products with imbedded software, or any other types of products, GID Development Corporation will always thrive.
To learn more about GID Development Corporation, visit https://www.gidcompany.com/.
GID Development Corporation is currently offering a free 15-minute telephonic consultation. Anyone who is interested should just call Mr. Jim Grimes, one of the pros at GID, at 714-323-1052 between 8:00 AM to 5:00 PM PST.