Product development methods are only likely to succeed in existing markets.

Product development refers to the process in which enterprises engage in research, trial production, and production of new products to update or expand product varieties.

A complete new product development process goes through eight stages: idea generation, idea screening, product concept development and test marketing planning, business analysis, product entity development, test marketing, and commercialization.

1. Generation of new product ideas The first stage of the new product development process is to find product ideas, that is, the process of envisioning or creating new products.

A good new product idea is the key to successful new product development. The lack of good new product ideas has become a bottleneck in new product development in many industries.

Companies can often look for sources of new product ideas both internally and externally.

Internal personnel of the company include: research and development personnel, marketing personnel and other department personnel.

The external sources of ideas that companies can look for include: customers, middlemen, competitors, etc.

2. Creative Screening Creative screening is a filtering process that uses appropriate evaluation systems and scientific evaluation methods to analyze and compare various creative ideas and select the most promising ones.

In this process, we strive to eliminate the new product ideas that have the largest losses and those that are bound to lose money, and select new product ideas with high potential profits.

The main approach to ideation screening is to build a series of evaluation models.

Evaluation models generally include: evaluation factors, evaluation levels, weights and evaluators.

3. Development and testing of new product concepts New product ideas are ideas for some possible new products that companies hope to provide to the market. New product ideas only point out the direction for new product development. New product ideas must be transformed into product concepts to truly guide them.

Development of new products.

A product concept is a detailed description of a company's product idea from a consumer's perspective.

That is to make the new product idea concrete, describing the product's performance, specific uses, shape, advantages, appearance, price, name, benefits provided to consumers, etc.

4. Formulate a marketing strategic plan. Formulating a marketing strategic plan for a new product concept that has been formed is an important stage in the new product development process.

The plan will be continuously refined in subsequent development phases.

5. Business analysis The main content of business analysis is to conduct financial analysis of new product concepts, that is, estimate sales volume, costs and profits, and determine whether it meets the company's goal of opening new products.

6. Product Entity Development New product entity development mainly solves the problem of whether product ideas can be transformed into technically and commercially feasible products.

It is completed through the design, trial production, testing and qualification of new product entities.

According to a survey by the National Science Foundation, the investment and time required for the product physical development stage in the new product development process account for 30% of the total development costs and 40% of the total time respectively, and the technical requirements are very high, making it the most challenging

a stage.

7. New product trial marketing The purpose of new product trial marketing is to help companies truly understand the market prospects of the new product by putting the new product into a representative small range of target markets for testing.

Market trial marketing is a comprehensive inspection of new products, which can provide a comprehensive and systematic decision-making basis for whether new products are fully launched, and also provide inspiration for the improvement of new products and the perfection of marketing strategies.

8. Commercialization After completing the above seven steps, it is the commercialization stage of the new product. The marketing operation of the new product is the commercialization stage. Enterprises should make careful decisions in these aspects: when to launch new products and where to launch them.

New products, how to launch new products.