Product Development

Developing new products and taking them to market involves a number steps including product design, along with various business considerations. The product can be tangible (something physical which one can touch) or intangible (like a service, experience, or belief). All successful product development actions should provide new value for customers, improve society and contribute to the continued existence of the organisation. Providing new value to the customer is key as without this, there is no reason for them to trade their money for the new product. However, if the product or service offers overwhelming value, then customers will flock to it. Whatever the product or service, it requires an understanding of customer needs and wants, the competitive environment, and the nature of the market. Cost, time, convenience and quality are the main variables that drive customer needs. With these variables in mind, innovative companies develop continuous practices and strategies to better satisfy customer requirements and to increase their own market share by regular development of new products. Each industry has its own unique legal, operational and business requirements and there are many uncertainties and challenges, which companies must face throughout the process. By looking to better practices and reducing barriers to entry, companies can successfully transform a market opportunity into value-making products and services that will contribute to long-term sustainable growth in profits and market share.