There are four ways to create a product;
1. Fill an obvious need with SIMPLE criteria
You’ve probably heard this many times before, but it bears repeating:
You must make a product that meets an obvious need. Unfortunately, entrepreneurs
continue to overlook this principle. If you want to make sure your product will sell
itself, check it for these elements
|design and product development|
2. Make sure the value is obvious
If you work through the SIMPLE criteria, you should be able to tailor a product that
people see value in at the point of purchase. To be on the leading edge, the value must
be obvious. You must be able to define where the familiar ends and the new begins.
3. Offer something unique
You could go through the SIMPLE method for creating a product and churn out an
an exact copy of something that is already out there.
Here are a few things to consider.
Know your industry
Ask for feedback
Know your competition
Enter the market with a good product name
What are the stages in the new product development process?
Almost 28% of new product ideas come from watching and listening to customers.
Customers: even create new products on their own, and companies can benefit by
finding these products and putting them on the market. Almost 55% of all new
product ideas come from internal sources according to one study. Companies
like 3M and Toyota have put in special incentive programs or their employees to
come up with workable ideas.
2) Idea Screening:
The second step in New product development is Idea screening. The purpose
of idea generation is to create a large pool of ideas. The purpose of this stage is to
pare these down to those that are genuinely worth pursuing.
3) Concept Development and Testing :
The third step in New product development is Concept Development and
Testing. An attractive idea has to be developed into a Product concept. As opposed
to a product idea that is an idea for a product that the company can see itself
marketing to customers, a product concept is a detailed version of the idea stated in
meaningful consumer terms.
4) Marketing Strategy Development:
This is the next step in new product development. The strategy statement consists of
three parts: the first part describes the target market, the planned product
positioning, and the sales, market share and profit goals for the first few years.
5) Product Development :
Here, R&D or engineering develops the product concept into a physical product.
This step calls for a large investment. It will show whether the product idea can be
developed into a full-fledged workable product.
6) Test Marketing :
If the product passes the functional tests, the next step is test marketing: the stage
at which the product and the marketing program are introduced to more realistic
market settings. Test marketing allows the marketer to tweak
the marketing mix before going into the expense of a product launch.
7) Commercialization :
The final step in new product development is Commercialization. Introducing the
product to the market – it will face high costs for manufacturing
and advertising and promotion. The company will have to decide on the timing of the
launch (seasonality) and the location (whether regional, national or international).
8. How do I create my own product line?
Towels. Mugs. Dog Beds. Yoga Mats. With print-on-demand, the sky's the limit
with what you can create. And the best part is, for aspiring business owners, it's
extremely easy to get started.
1. Research your target audience and your competitors.
2. Pick your focus and personality.
3. Choose your business name.
4. Write your slogan.
5. Choose the look of your brand (colours and font).
6. Design your logo.
7. Apply your branding across your business and evolve it as you grow.