Have a great idea, but confused about development? OR
Are you having trouble turning your idea into a reality?
Introduction
Product is just a concept or idea before the development. Product development typically refers to all stages involved in bringing a product from concept or idea through market release and beyond. In other words, the product development process incorporates a product’s entire journey.
Why is it required?
Product development strategies are important to ensure value for your potential customers, as well as ensuring that there is demand and that your final products are of the highest possible quality before you take the products to market.
Traditional Product Development Process
Fuzzy frontend back in the marketplace or lab or workspace from various product ideas. Using the agile method, the development process can be faster & comply with the market need. The product development process depends upon the industry, product type, breakthrough innovation, incremental improvement, and product portfolio management.
What’re the traditional development process steps?
1. Ideation:
- Any new product originates through ideation but Brainstorming plays a vital role before developing the product because of that initially, product ideas pass through the discussion, business analysis, research & explore of the market & technical risks. It’s most challenging therefore Every product idea can’t be scanned in corporate. Engineering, Marketing efforts, and Competitive analysis, should be brainstormed in this stage.
2. Product Definition (Discovery):
- Scoping or concept development in term of product defination, the team redefined the product concept using the detailed assessment of technical, market, & business aspects, and core functionalities. In this phase, developers and managers play a crucial role to explore and define the key point of differentiation for new products. These steps help to estimate the ARR.
3. Prototyping:
- In this step, the company makes a detailed business plan which involves market research, designs, finance model, pricing model, market share, & how products will fit within the market. This step gives a clear idea about what they are investing in and how it will perform in the market.
4. Detailed Design:
- Refining the prototype of the product, developing the product, and working with customers in iterative feedback. — Marketing, Sales & manufacturing helps to build the product.
- This is led by the program management & prototyping team.
5. Validation/Testing:
- Ensuring the prototyping works as a plan & validates it for market fit as the business case, and useful as the customer case. It validates like real-world conditions.
- The company or team has the last chance to revise the prototyping, marketing strategy, and development before launching in the market.
6. Commercialisation:
- In this step, the company or team rehearses with the marketing & sales team, and customer support for everything required as per plan.
Would you like to know about the MODERN Approach for product development process? Let’s read in next articles.
Modern approach is quite simple, faster, result oriented & time consuming than traditional development process.
Thank you.
Sources: TCGen, Inc | Summarised by Jatin Bodara
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