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Homework answers / question archive / IN MARKETING: Explain product development and its objectives with detail
IN MARKETING: Explain product development and its objectives with detail. State the factors that you must think of while you are developing a new product explain.
In any business or commercial operation, product development or alternatively known as new product development involves multiple steps or strategies to effectively promote and popularize any particular product or commodity by generating consumer demand for the same and maintain or enhance market share of any business organization or company in the process. In this context, the steps involved in the product development include the initial conceptualization ro visualization of the product in which the all the relevant details, design, and characteristics of the concerned product is primarily conceived, design of the product including the look and structure of the product in accordance with the consumer needs and utility, development of the product involving the proper and efficient manufacturing, making or production of the concerned product, and marketing/advertising/promotion of the product which essentially involves the various marketing and promotional tools and strategies implement by the business organization or company to advertise the the product and generate or maximize consumer attraction in the process. Therefore, the entire process or mechanism of the product development warrants or basically necessitates a thorough and comprehensive quantitative market research as the successful implementation of all the internal steps of the product development process entail a profound understanding of consumer perception of and demand for the concerned product or commodity, as the primary objective of the product development process is to enhance or maintain consumer base and market share of any business organization or company.
In this regard, the fundamental factors or considerations to be taken into account in various steps of product development commonly include product design identification, product ideation, product conceptualization, prototype, and product development. First, in order to clearly identify the product design, it is extremely essentially to prospectively brainstorm and conceive the overall physical structure, shape, and design of the particular product. This is the initial or primary stage of the product development stage which encompasses an understanding or estimation of the specific needs and expectations of the consumers or buyers from the concerned product as it is imperative to ensure that the prospective product design and structure appropriately fit the consumer needs and specifications. Secondly, having a clear and thorough idea of the product concept is also an essential component or factor of the product development process. It is important to conduct a detailed and comprehensive market research to understand whether any particular product idea or concept would be practically relevant to the business organization or consumers/buyers within the contemporary business or overall market context. In this regard, product conceptualization and genesis enables any organization or company to convert a product idea or concept into potential commercial success by capitalizing on the existing product or market opportunity. Hence, it essentially involves opportunity tapping through effective market research or analysis and converting any product idea into a broader commercial success. Fourthly, product prototyping is another crucial component of the product development which encompasses creation of an appropriate prototype of the original or initial product idea or concept that would expectedly yield commercial value and practicality. Subsequently, product development in the overall product development process engages commercial execution of the concerned product in the market in proper accordance with the consumer needs, expectations, and demand and generate consumer and business value in the process. Therefore, it is extremely imperative to monitor and direct the production or manufacturing process of any product that would be commensurate to the projected consumer demand and needs thereby providing and enhancing consumer value and convenience.