Product Development Strategy by Product Development Company

Product Development Strategy

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 714-323-1052 – 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 714-323-1052.

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

Prospective of 3D Printing Explained by Product Development Company, California

GID Company - 3D Printing USA

In the last three decades, the use of 3D printing in the arena of new product development has progressed from costly prototyping technology used by an elite few to a flourishing industry, manufacturing both smaller-scale goods and fully functional parts and components for aerospace, automotive, and more.

However, a question arises between the product development companies if this blossoming technology really proves to be the cornerstone of the next industrial revolution.

Considering the prevailing hype around 3D printing, most users were surprised when “3D Systems Corp.,” a renowned manufacturer of 3D printers and other accessories, recently lowered its profit estimates for 2013 and its projection for 2014. The closing sharp-drop in shares led some to predict that the powerful industry could be heading to a dead end.

What is the Future of 3D Printing?

Looking at the current scenario, it seems like the market bubble may have busted, and the lasting potential of this technology has not been changed, especially when it comes to manufacturing of mainstream products. Mainstream and profitable industries such as automotive and aerospace already depend and make use of 3D printing in their production procedures. Rolls Royce and General Electric, for instance, are both planning to develop 3D printed components for their individual jet engines, and automotive king Ford has been using the technology to print test parts for years.

The use of 3D printing is no more limited in manufacturing of automotive, aerospace, and other expensive commodities, but is also utilized by small-scale industries like toys, consumer products, and many others. As per a report released by McKinsey & Co., there are countless benefits of 3D printing over other development technologies, and they are as follows:

  1. Accelerated Product Development Cycles: At the time of new product development, 3D printing allows a product development company to thrust the process of product development. It helps in accelerating the R&D process in a lucrative manner, eventually reducing product-launch risk and time to market. However, it will demand a powerful supply chain that can keep up with accelerated production rate without making any compromise in quality of products.
  1. Allows Framing New Product Development Strategies and Footprints: As the expenses drop and capabilities escalate, 3D printing could be used to manufacture more parts; however, this does not imply that every part is made this way. A strategy should be framed about which parts will extract the maximum advantage from the technology. Product development companies must also look out for the framing of industry standards regarding printing materials, which could influence both price and footprint decisions.
  1. Increasing Sources of Revenue: 3D printing has the tendency to decrease the complication and the expense behind some production types, inspiring companies to set apart their goods in other ways, such as providing personalized designs to a wide customer base. The capability to develop replacement parts could also alter the structure of aftermarket services.
  1. New Capabilities: If product manufacturing companies desire to develop profitable new products, then they must not only perk-up their design knowledge in terms of 3D printing but they must also have product designers and engineers who can overcome the technical encounters of tuning print materials, so they reap the most out of them.

Product development companies that adopted 3D printing in their early stage will be in the best position to extract maximum benefit of the technology, once it really come into its own. If you still have any questions or queries regarding how 3D printing can help you in manufacturing new product for your potential customers, then contact GID, a product design, prototype, and development company in California, USA.

Moreover, you can browse our portfolio to explore our proficiency and professionalism in the field of new product manufacturing. If you had that eureka moment and are planning to develop profitable products out of that for your end-users, then give us call at 714-323-1052. We also offer free, no-obligation quote and consultation.

Product Development Company in California, Why Develop New Products for Your Business?

Product Development Company in California

Amid the cutthroat competition, every business needs to innovate to stay ahead of competitors. No business can survive for a long time if it continues to offer the same old unchanged products. Innovation and the launch of a new product or service are necessary to gain the upper hand in competition and to increase profits. GID, an established new product development company in California, explains the importance of custom product development for every business.

Here are some reasons, why the lack of new product development can adversely affect the sales and profit margin of a business.

A Business has to Understand the “Needs and Wants” of the Customers

A consumer’s “Needs and Wants” varies continuously. Businesses should respond immediately to these changes through their services and products. Otherwise, consumers will switch to competitors’ products that fulfills their “Wants and Needs” in a better manner. For instance, consumers all around the world are becoming more health conscious, which is forcing companies to launch low sugar, salt and fat products. Coca Cola Zero and Diet Coke are the best examples of new product development, which contains no sugar.

Your Competitors in the Market

Having an upper hand on the competition is the main aim of a new product development. Due to the advancements in the technology, new products are constantly being introduced to a target market that welcomes change and innovation. Nowadays, customers are not scared of trying new products. In fact, they often want the latest product to exemplify their style and status. If your product is successful (hopefully), then competitors will introduce something similar to yours with the aim to share the cake.

According to the tech giant “Google”, they developed Android operating system in order to prevent the technology market, for products such as mobile phones and tablets, begin controlled by a single supplier.

Product Reaches the End of Its Life Cycle

Everything comes with an expiration date. The product launched by you today, maybe on the final stage of its life cycle by tomorrow. Therefore, as a smart entrepreneur, you should introduce new, improved, and updated version. For example, Microsoft has done this by shifting from the Xbox to the Xbox 360 and, now Xbox 360 to Xbox One, continuously refreshing the product to meet the market expectations.

Product is at The Maturity Stage of its Life Cycle

Apart from the expiration date, there are chances that your product may need modification at the maturity stage of its life cycle. After a certain period, it may need modifications and feature additions to stimulate an increase in sales. For example, Nintendo has replaced its DSi console with the 3DS console, which contains additional features, including an extra camera so that you can film in 3D, a 3D screen that does not require glasses, motion sensors and a joystick. The company also launched its Wii U that delivers HD graphics and a highly enhanced experience compared to the company’s previous console, the Wii.

Product May Require Environmental Changes

As a business, we need to capitalize on environmental changes to survive and to earn bread and butter. Here is the best example of environmental changes: Music firms are now selling more music through the internet downloads as compared to that of traditional retail shop. Record companies were pushed into selling through the internet following the success of the website “Napster”. Therefore, it is necessary to sync your business with the latest trends.

Every Product Experiences, Problems

Unfortunately, if your products in the market are facing poor sales, or suffering from a negative reputation then immediately change your product offering. For example, in 2001, the launch of the innovative iPod player reversed the fortune of Apple Computers. Since then, Apple Inc. has successfully introduced the iPhone and the iPad, and raised its share price from $9.07 per share to over $500 per share.

Conclusion

According to GID, a Product Manufacturing Company, new and innovative product development is essential for all businesses. It helps businesses to dodge fierce competition and stay ahead of competitors.

If you do not develop new products for your consumers, then someone else will, stealing all your customers. To survive and for long-term advantages, every business should understand the importance of custom product development.
For any query on product manufacturing, feel free to contact us at https://www.gidcompany.com/contact-us/

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