Product – Development Stages

Product - Development Stages

#Product #Development #Stages

Good day ladies and gentlemen today we are going to take a look at these stages of product development now we understand the difference between innovation and invention we understand that marketers use innovations and inventions to create new products and to make profit it doesn’t matter whether a marketer is

Going to use an innovation or an invention they still need to follow these prog development stages so please make sure you have your notes please make sure you follow these storm philosophy and sit back and enjoy okay so what are we going to look at today

Well first of all we’re going to connect Proc development back to the four PS and really trying to establish that connection next we’re going to identify product what is it what’s the difference between product and service and lastly we’ll take a look at the actual stages of product development so before we get

Into the stages of product development we need to understand where it falls in the marketing process basically we don’t begin to develop our product until we’ve come up with a conceptual product idea so the idea of your product how it’s going to be used who is it going to

Satisfy so the profile of your target market as well as who will be your competitors who do you have to be aware of once you figure this out then you move on to the product and the four PS of our marketing plan so the first P is product

What should we call it now this is a product and it fits within the marketing mix of the four piece and a product can be a good or service even an idea which consists of both tangible things you can touch in intangible attributes whether it is a

Product such as a good or a service or an idea it’s going to satisfy consumers in some way it’s going to satisfy their needs or their wants and consumers will exchange money for your product or some other unit of value and so product planning or product development are all

About the decision-making involved in creating this service this good this idea the tangible and intangible aspects so all the aspects of development that we need to recognize is what we will cover next in the stages of proc development so a new products are created because consumers need or want

Them there’s a gap in the current market the world doesn’t have a product that exists that will satisfy those needs or those wants because of this gap marketers and companies won’t develop products to satisfy this that will fill this gap so the question that you every marketer needs to answer why don’t I

Just create and sell that product if you can do it then you will do it and therefore if a product is successful it will it must have desirable attributes for the target market it will be unique and if it is not either of these things it is doomed to fail so once you’ve

Determined the fact that you need to create this product you then are going to answer these questions can you produce it and can you sell it this is something that we looked at with a feasibility study and something that we will refer to and revisit many times

Over in the next following lessons so if the feasibility study finds that the idea is worth pursuing and that it is doable the proc development process begins this process involves eight stages and every proc needs to go through each of these eight stages in order to then be brought to the market

In order to be sold to consumers so the stages are as follows idea generation idea screening concept development market strategy feasibility analysis study product design test marketing and market entry you’ll notice that feasibility analysis is actually not the first stage because many other stages precede that however it is always a good

Idea to always have in the back of your mind whether or not the product will be feasible so the first stage is all about idea generation what ideas do you have what new products do you think could be successful will these new products be inventions or innovations whether or not

They are inventions or innovations are because some point someone generated these ideas an idea to produce a product or service that is not currently available is this first stage so the idea of a flying car the idea of a iPad or a tablet device the idea that you can

Play video games without using controller all of these amazing ideas started at this first stage so the second stage is all about screening the idea the very simple fact is that not all ideas are good ones case in point new Koch research that if you want to find out more about that or

Mick Pizza another one Heinz decided at one point that they wanted to make their ketchup green and blue and other colors not great ideas therefore marketers need to test consumer reaction to their idea before they continue oftentimes consumer reaction is positive and yet the product still fails so it’s not a definite

Answer to whether or not you should produce it but is something that you need to consider and that the consumer reaction to your product is something you need to consider so the idea is really just to throw around the idea see what people think get their feedback make modifications assess whether or not

It’s a good idea the third stage is concept development again not all ideas are good ones however if you’ve received positive feedback then you need to move along and develop a prototype really the idea here is that you’ve identified the idea the product is a good one that the

Market demand exists and that competition will not prevent you from being successful if you’ve answered yes to these questions then you will develop a prototype sample the stage will allow you to see the actual product how it works and the target market can then be brought in and

Really see how it works and provide feedback for improvements the best example of concept development as far as products are automobiles every single car goes through the stage and we see concept cars at auto shows these concept cars are ideas they’ve been screened and they’ve created clay created clay models

That consumers can really check out and assess whether or not they like this car or not now it’s time to move on to the market strategy this is your marketing strategy how are you going to address each of the four piece you will define each of these four PS because you want

To optimally sell your product you want to make sure that it addresses target market needs or want as well you will identify who your primary target market is in your secondary target market so you ensure you will reach those consumers at the same time that you’re developing your market strategy you may

Or may not be developing your feasibility analysis so once you’ve done your product design once you’ve kind of addressed your four PS or at the same time you then need to ask various questions do you have the materials and labor required to produce this product do is the price of production going to

Be way too high do you have the distribution channels in place to get your product to the consumer and what about promoting your product how will you do this it will be cost effective basically again you are answering this very simple question can you make and sell this product while making money

Doing so again at the same time that you’re doing your feasibility analysis and your market study you’re designing your product and continuously adding the consumers feedback and the feasibility analysis questions and the answers to those questions into your product design you’re incorporating all this information what will the product look

Like the design will depend on what it does as well as what the target market wants so you can’t just make a product that is just simply functional it needs to satisfy the target markets want and so once you’ve addressed your 4 PS you continuously revisit the feasible

And you continuously address the proc design its now to go to test marketing you need to test the acceptance of the product do consumers like it will they accept it may they buy it down the road this occurs by offering the product to a random sample of your target market this

Is something that we look back at in marketing research the consumer feedback in these test markets will improve your venture improve your product and determine whether the proctor should officially go to market and if the test marketing is successful it now moves on to market entry this is where the

Product officially enters the market its sold to everyone the product life cycle now begins and will go through those product lifecycle stages in the following videos but the life of this product will be determined by the consumers by competition and further product advances and so no matter what

You’ve done up until this point there’s a lot of unknowns that will influence your products and you need to be aware of these ok so the product development process following these simple steps eight steps you will hopefully not guarantee but hopefully improve your chances for successful products you will

Hopefully gather profit from this you will hopefully compete with the existing competitors this process however needs to constantly be revisited you need to constantly improve your products update your products stay ahead of your competitors and so most companies will continuously revisit this product development process so this brings us to

Our end what makes a successful product think about the eight stages what do you think will determine whether or not a product will be successful what activities are involved with ideas screening is it a simple matter of do you like it or not so think about these

Questions make sure your notes are in order make sure you summarize them and you’ve provided some discussion questions and that’s it that’s all that’s everything we’ll see you tomorrow

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