Transforming the Notion into Product – Cascading Schedule of Product Development
Tired of eating the smoked salmon? What if it tastes like garlic shrimp? This is what customer often thinks while placing the order but yet the sprinting bowel never allows to utter a word from the mouth and consumes what is served to dine.
Does it hit right? Your desired product needs a change. A more dynamic and much better taste that can douse the hunger and competition as well.
The change is radically needed in the almost every sector of the market, eloquently transforming the profits, demands, B2C and B2B relations to the next platform from where a transformed product can be much improved.
To evaluate the true performance of the product, it is needed to be viewed through two angles; one from the customers’ aspect, while another from company’s aspect. On combining the evaluated results, it gets clear that the entire focus will be on ‘Product Development’. The instance of smoked salmon to be replaced by garlic shrimp is a corrective action of product development, which is in high demand from customers and must be improved to the desired level, is what expected from the company.
AT&T sold several telephone sets, which was almost an uncanny task for the competitive companies. Currently, AT&T is a big hot-shot in telecommunications that embroils the customer with same potential as it did decades before. AT&T survived the competition because it understood the customers’ demands and made the required changes keeping the product simplicity intact.
Is Product Development really needed? Or just replacement is required?
Replacing the existing product with a new one may hold the market to some extent; however, the demand for the pre-existing product may not fade away in the fog of the newly replaced product. To the organization, when the product development is needed and when it must be implemented should be known. You would have encountered these situations very well:
- Prospective clients have stopped attending your product.
- Introduction of nascent competitors that may appear a threat.
- Market urges to lower the price per index on the product.
- Company’s growth graph is on stationary phase for a longer
- Huge decline in leads and elevation in sore enquires.
The proactive strategy to reintroduce the existing product in the market assures huge and certain profits. However, the only catch is to know about Product Development Company.
Reengineering the Product by inducing the changes from Product Development Company
If you want the secure product development, then there are certain systems that must be queued to get desired developed product. Most Product Development companies tend to poach the strategy on the basis of following majors:
- Nucleation of an idea for commercial purpose: Product Development Company has to rely on the initial idea that is going to reincarnate the product in the market. Since it is the first step into product development, the idea must be revised every time.
- Assessing and evaluating the idea: To access and evaluate the certainty of an idea, it is recommended by many entrepreneurs to use Preliminary Innovation Evaluation System. This is a formal methodology to access the idea which is objectified as commercial success.
- Getting idea Patented: To secure the idea from getting copied, the patent is the only solution. However, it is done after the entire notion is understood by the strategist or planners.
- Running on the pilot scale: To view the effect of the newly generated idea on the product, the company implements the idea to the limited scale. Once the satisfactory results are procured, the implementation is finalized.
- Product Promotion: Powered with new features and ready to knock the market, the upgraded product is promoted through different means i.e. social media, electronics, and print media.
Product Development is quite challenging and requires a pristine approach to make it finer, keeping a competitive edge in mind. Depending upon the team strength and viability of the idea, the effectiveness of Product Development can be precisely assumed.