Scriptonite Daily

Read the World Today

Tag Archive : product development

Effective Product Development Methods

There are a number of ways that a company can improve the relationship between themselves and their customers are through clever product development strategies.

What if you are the general manager and are looking for ways of predicting the outcome of these product development strategies, how then would you do this? The key is all in the development planning and researching competitor strategies.

A strong strategy usually involves the framework to a company's development projects. One thing to remember is that there is no right strategy for a company and the strategy you take relies on the capabilities of both the product development agency and the competitors. It also depends upon the market needs, goals, financial resources and opportunities.

8 Steps of New Product Development - DesignIQ

Without these elements the product development strategy will not be as effective and could easily fail.

The first step to take is to determine the primary strategic orientation, in other words determine what exactly you are trying to offer to your audience.

A company cannot do everything and anything to their customers, nor can they promise to do this for them if it is not within the capabilities to do this. The idea is not to appear to be a super power company but to distinguish itself in the specific market place that it is focussed on. This will further help you to determine where the company wants to take its product and when.

Along with the first point comes idea generation. This may be a little vague, but it is an important point to make. Ideas can be developed from basic researching and by following these points on the ideas; Strength, Weakness, Opportunities and Threats. People do not have to work on building ideas as better ideas are formed when people work as a team, meaning that a team of people with specific skills can easily work on the project.