What Is Product Development
Let’s start with the most simplified definition of product development: Let’s start with the most simplified definition of product development: “Product development is the process of taking an idea, developing it into a viable product, and releasing it into the market”
If you’re thinking that it can’t be as simple as this then you are absolutely right. As I said, the above definition is the most simplified one. There is a lot more going on under the hood as we dig deeper into the concept.
Depending on the type of product, the difficulty of product development can range, from the simplest to the most complex process. Suffice to say, nearly all product development processes lie somewhere in between these two extremes. But when it comes to the most basic principles, be it a mechanical product, an electrical product, or a smart product, all follow the same product design and development path.
Product development is a journey that starts from an idea and then makes its way through more than half a dozen stages before it can morph into an actual product. Let me introduce you to some of these stages in the product development process.
The underlying basics of NPD or the “New Product Development” process stays the same. It doesn’t matter much if the product is mechanical (related to Mechanical Engineering), electrical (related to Electrical Engineering), or a Software (related to Software Engineering).
Identifying an Open Niche
Do you see a problem with no solution? Do you see the need for a product that does not exist? Existing products and services that are difficult to understand, expensive, or not readily available?
If you ever come across any of these situations then you, reader, have found an open niche, a market opportunity, and the absence of a product that still needs to be fulfilled by someone like you. Once you have identified a market opportunity there are many pathways you can take to initiate the process of product development. You can:
- Have a friendly conversation with potential customers
- Send out appropriate, calibrated, and targeted surveys
- Perform the initial qualitative or quantitative research depending on the nature of your idea
- Identifying trends in the market
- Do an in-depth competitor analysis
To read more, read the full article here: https://www.petermanfirm.com/what-is-product-development/
