Stories & Features
Product development is the process of taking ideas from the initial concept to the point where a product is launched in the market. Alternatively, it can also be recognized as the method of a formal process followed by a business. Intentional focus on the development process began in the late 19th century, per Michael E. McGrath in his book Next Generation Product Development. According to McGrath, since then product development trends have evolved from the commercialization of inventions to formal product development processes. In the late 1980s, product development was geared towards getting products to market faster but has since shifted to R&D-based development in the 21st century.
For the most part, big-corporation culture produces waves of products that are modified or adapted, rather than releasing revolutionary innovations. But, the product development process has evolved and become much more efficient with an iterative fusion of different disciplines. Even with many different methods, there tends to be a common understanding that a formal product development process outshines the unpredictable nature of informal, hit-or-miss processes. Focused attention to process and detail, with adaptive openness to possibilities, is necessary for success. These things allow companies to:
Manage and Measure for Success
Manage product development to minimize risk by setting measurable goals and reviewing program progress at each stage of development. This helps to make certain the product delivers its planned benefits.
Relieve Bottlenecks to Deliver Products Faster
When you have less going on at one time, you can improve development and increase your time-to-market.
Win Big with Improved Performance
Identify factors that are most important in the market and set measurable targets for product improvements. When you advance existing products, it can increase revenue or profit by charging a higher price for a more superior product.
Improve Your Reputation for Quality
Advance products with superior materials or quality standards to meet or exceed customers specifications. This will help you enter markets with regulatory requirements and increase sales.
Reduce Costs and Improve Competitiveness
Reduce costs by eliminating features the market doesn’t need or redesigning products to simplify the manufacturing process. This will give you the flexibility to lower your prices and increase your profit margin.
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