What are the 4 major types of product development?
Introduction
Product development is the process of creating new products or services. It can be a long and complicated process, but it's important to understand why it's so crucial for businesses to invest in this type of work.
To start, let's define what product development means: Product development refers to all activities associated with conceiving, designing and building new products or services. This includes researching market needs and wants; defining requirements; creating prototypes; testing prototypes with customers; manufacturing the final product; packaging it for sale at retail locations such as stores or websites (or both).
Why is this important? Because companies that don't stay current with their offerings risk losing market share - and maybe even going out of business altogether!
1.) New-to-the-Company Product Development
New-to-the-Company Product Development\
This is the most common type of product development, and it's also the most challenging. In this process, you're creating a new product from scratch - one that hasn't been done before in your industry. This means that there are no benchmarks to follow or competitors to learn from; you'll have to do all of the research yourself and create everything from scratch.
The first step in this process is market research: understanding who your target audience is, what their needs are, how much they're willing to pay for these products/services...you get the idea! Once you know who your customers are and what they want out of their experience with your brand (or company),then comes time for visioning--figuring out what exactly makes sense for this particular project based on everything else we've learned so far about our customers' needs and desires.
2.) Improvement of Existing Product
* Improve an existing product
* Improve the customer experience with an existing product
* Improve the quality of your products or services
3.) Extension of Product Line
Extension of product line is the process of creating a new product to extend an existing product line. The new product should be able to satisfy the customer needs and complement the existing products. It should also have some unique features that are not available in any other competitor's products.
It is important for you to understand customer needs before launching an extension of your product line because this will help you determine what typeof extension would be most suitable for them, whether it be functional or aesthetic, etc. You should also consider market segmentation when planning your extension strategy so that each group gets its own unique version of your original item (e.g., one size fits all).
4.) New-to-the-Market Product Development
The process of creating a new product for a new market is calledNew-to-the-Market Product Development. This type of product development involves the creation of an entirely new product or service that has not been offered before, as well as developing and marketing it to potential customers.In order to succeed with this type of project, you need to be innovative and creative so that you can come up with something unique and different from what's already out there.
Customer Research: Customer research is extremely important when developing anew product because it allows you get feedback from actual users about their needs and wants regarding your idea or concept before spending any money on producing it yourself (which could lead down some very expensive dead ends).
Innovation: Being able to think outside the box goes hand in hand with innovation - if there's nothing new under sun then why bother doing anything a tall?
Conclusion
As you can see, product development is a complex process that requires carefulplanning and consideration. But the benefits are worth it: when done correctly,your business will be able to create products that meet customer needs andexceed expectations.
In order to ensure that you're using the most effective method of product development for your company, it's important to understand what each type entails and how they fit into the overall picture. By taking advantage of all four types of product development--customer research methods like interviews or surveys; ideation sessions with internal stakeholders; iteration cycles based on prototypes created in rapid prototyping software; market testing through beta programs--you can ensure that every new offering has been thoroughly vetted before being released into the wilds where customers will judge its value based on their own experiences using it (or not).