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Research Paper On Product Development

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Product Development: “Product development is the process of designing, creating and marketing new products or services to benefit the customers”. Product development comprises of all the processes, which leads the formation of a product starting from the Initial idea to the sale of the final product. It is the key tool to keep the companies in competition with the competitor products and to keep up with the changes and trends in the market. Product development comes into play when a firm wants to develop a new product to target a specific market segment or in improving an existing product or its packaging. Product development plays a key role in the success of a product and also on the lifetime of the product. Most successful organizations and manufacturing companies are more likely to have some kind of formally defined and well-structured development process. Although the product development process is defined differently from different manufacturers, it contains the some important phases in common. The general key processes or phases that involve in the product development are:
1. Idea generation/ Conceptualization
2. Market Research
3. Design and Development
4. Pilot Production, Testing, and Analysis
5. Manufacturing and …show more content…

Market research will be helpful in identifying the potential customers and regions, competitors in the business. Thereby one can keep their focus in the relevant areas to succeed in the market. A complete market analysis will provide a good idea about the market size and segmentation, product differentiation and all the relevant data to solve marketing challenges. While introducing a new product into the market, the market analysis will determine whether is there any demand for this kind of product and is producing the new product will be profitable or not? In general, companies will perform the market research

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