Development of new products and services is a crucial process for the survival of businesses of all sizes.
This process is the cycle that a new product has to go through from conceptualisation to the final launch into the market.
Five phases guide the new product development process for businesses and Dimension Four is experienced in assisting companies through all stages of this process.
Idea Generation
This is the stage where a company develops ideas regarding a new product or service. Sources include customers, competitors, online research, employees and suppliers. This stage is particularly important as it lays the basis for all the other phases, the ideas developed shall direct the overall process of product development.
Refining
The ideas developed have to go through a screening process to identify those that have the most potential. A business reviews feedback from staff, customers and other businesses such as suppliers to avoid the development of costly impractical ideas. At the end of the refining process, the business should have identified a small number of feasible ideas from the large amount generated.
Concept Development
Dimension Four can assist your company in conducting research to find out the projected costs, revenues and profits arising from the product or service. Initially, a SWOT analysis will help identify the strengths, weakness opportunities and threats for the concept. An assessment of the product’s target group will assist with segmentation of the product’s market. Market segmentation is important as it enables the firm to identify its niche. The selected niche will determine most of the marketing decisions.
Product Development and Commercialisation
Product development includes the actual design and manufacture of the product.
Development generally starts with the manufacture of a prototype that enables market testing. The results of the tests will help you decide if large-scale production is warranted. If results are favourable then large-scale production and commercialisation may commence.