We have discussed Research and Development in previous articles. In this article, we will discuss product development in detail and will discuss Research and Development Vs. Product development.
|Research and Development vs. Product Development|
Product development is a process in which the company improves its product, or provides a new superior quality product to customers. So the product development process is closely studied by the company for the development of the product, after which the existing product is modified according to the modern demand.
Steps of Product Development
In the article “Research and Development vs. Product Development“, we initially discuss Steps of Product Development.
(1) Idea Generation
(2) Idea Screening
(3) Concept Development and Testing
(4) Market Strategy Development
(5) Business Analysis
(6) Product Development
(7) Test Marketing
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(A) Idea generation is the primary stage of manufacturing a product. Idea generation is to systematically discuss the new products.
(B) R&D employees contribute most to idea generation.
(C) The contribution of customers in the idea generation is also essential, as users get to know the real reviews and flaws of the products. Therefore, the company should focus on user feedback.
The second step in the product development process is idea screening. Its main purpose is to filter ideas and to start manufacturing on good ideas.
Concept Development and Testing
After these two steps, the task of converting attractive ideas into products begins. Concept Development is an extended version of a new idea that provides a good product to the customer, which includes the ideas of the customer. Product development works only on the concept of these customers’ ideas.
After this the need for testing is main. Because it is possible only by testing that the circulation of the product in the market is possible, or not.
Market Strategy Development
Market Strategy Development is a special stage in the new product development process. The process of advertising the product in this phase is given attention.
Market strategy development requires the creation of a precautionary strategy on product price, cost of marketing, market share over time, and advertising strategies. So that your product benefits you in the long run.
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It is a 5th stage process in product development, it involves evaluation of product-related costs, marketing expenses, and advertising expenses. So that the company can know how much the product will benefit us.
Now the manufacturing process of the product starts. In this, the product has to undergo several tests. So that the company can reach a good product to its customer.
Although the research and development department contributes more to this process, also the process of testing increases the expenses of the company. In the end, the customer gets a better quality product.
The test marketing phase is one of the most important phases. In this phase, we plan the work of advertising, packaging, and distribution of the product. Plan the event to launch the product so that customers know more and more about the product.
The final stages are only product launches. Determine the right time to bring the product to the market in the phase of commercialization. Because it is also necessary that at what time the product can dominate the market.
Apart from time, it is also necessary to determine the place, area, market. It is generally seen that the company does not launch products fully in the national and international market. Because it costs more.
To achieve success in the market, it is necessary to focus on the steps of product development. So all these stages in the process of development lead the company to success.
Research and Development vs. Product Development
Research and Development is the initial stage of the product. So Research and development involve researching for product manufacturing to make the product better. While product development is the complete process of making the product from start to finish.
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