Also called the “new product development” process, this discipline focuses on developing a methodology for guiding all the phases involved in getting a new idea to market.
Superior product development is a necessity for companies striving to be competitive with the nuances occurring in the marketplace to ensure their sustained earnings growth. New product development strategy should always consider an enterprise-spanning commitment to creating products that fulfill a particular consumer desire or problem. Such desires might include the following considerations:
- High Quality, Low Cost Products
- Increased Speed or Flexibility Products
- Product Differentiation & Uniqueness to the Market
New product development is the fuel for some of the most powerful companies in the world. However it is possible to grow without any innovation whatsoever–AT&T sold the same telephones for years while becoming the world’s largest telecom company–but most companies will find it hard to reach critical mass, without a constant effort of new product development that meet customer desires.
Deciding to develop new products as part of your growth plan put you in good company. Small companies contribute more than half of the major industrial innovations occurring in North America. Also its important to note that, about 1/3 of all new products are not successful, and in some sectors the percentage of failures is even greater. The best way to increase your odds of coming up with good products is to employ the assistance of a great product development company to guide you along the path of conception, crafting, testing, and launch.
Obtaining prototypes for presentations or at least a looks-like prototype is a integral step to test how a product will be created, as well as being a great way to get market feedback. Finding a great product development company that utilizes the best technologies in rapid prototyping, CAD design, manufacturing and sourcing is your best bet!