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Stages of the Product Development
New products are developed as a result of the idea generation stage at which the group of people propose and discuss the ideas for designing the new product. Thus, much attention is paid to creativity and innovation while proposing the ideas along with discussing strengths and weaknesses of this or that idea. The second stage is the product screening and evaluation.
It is important to evaluate the market validation of the product in relation to the product’s specific features and qualities. Thus, it is necessary to evaluate the physical qualities and functions of the developing product according to their attractiveness for the target audience and possibilities of the company to produce the product of such a class. From this point, the concept testing and discussion of the product’s necessity for the market is the important phase of the product development process.
The next stage is the business analysis. The producer should focus on the correlation between the potential products’ costs and profits in order to conclude about the advantages of developing and producing a new product.
The next stage includes the product development according to the worked out models and determined features and product testing with references to the samples of the potential consumers (Goldsmith, 2008). The final stage of the process is commercialization when the strategies for the effective product marketing and promotion are planned and realized.
Examples for the Product Development Stages
Starting the product development process from the idea generation stage, the company organizes the group of persons responsible for presenting creative ideas. New ideas can become the result of brainstorming activities and discussions. The product screening and evaluation is based on comparison of the potential product’s features with the other products presented in the market. The size, forms, attractiveness, and functions of the product are carefully evaluated in order to avoid launching similar products.
Realizing the concept testing, the company focuses on the potential public’s reaction to the product. The main task of the company is to propose the unique approach to discussing and using familiar products and services. Business analysis is the important stage when the company makes decisions on the relevance of developing a new product. If the expected profits are higher than costs, it is necessary to launch this product within the market.
The product development stage includes the technological process when the necessary engineering procedures are realized to manufacture a new product with specific qualities. The company works out the prototype and provides the necessary laboratory tests (Goldsmith, 2008). Commercialization is also a creative part of the process when the company needs to develop the effective promotion strategy and advertisements with the help of ethos, pathos, and logos in order to draw the audience’s attention to the product.
The Relation of Consumer Buying Process to the Stages of Product Development
The consumer buying process depends on the awareness of need. This awareness is related to the process of idea generation when the definite product is only at a stage of its discussion because of the obvious audience and market’s needs.
Then, a consumer is inclined to evaluate alternatives, and this or that choice is directly connected with the effectiveness of the product screening, evaluation, and development (Goldsmith, 2008). The consumer’s choice depends not only on the product’s features and qualities but also on the effectiveness of the promotion strategy. Thus, the fact of purchasing the product supports the idea that commercialization strategy was developed effectively.
Reference
Goldsmith, E. (2008). Consumer economics: Issues and behaviors. USA: Prentice Hall.
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