Product Development Process
Product Development is an interesting field. I will tell you my own opinion of Product Development Process and method I feel will benefit you a lot.
Product Development is developing a Product or a Service that you want to sell to customers. Building a Product that people really needs and there is demand for the Product or Service you want to develop.
While Developing a product you need to consider that you product is technical and from commercial side you can develop.
Below are the steps you need to follow to develop a successful Product or Service.
Step I: Accept all ideas. Bring all ideas from different sources. Bring from customers, ideas from colleagues, customers, magazines, internet and from every where what you want to implement and develop. Everyone Dreams, bring all your ideas that you think you in your business. If you were in Real Estate Industry think of different options and put all of them in a piece of paper.
Step 2: Evaluate ideas. Ask you self: Will customer buy what you want to sell? Can you finically and technically provide your ideas to customer?
The expected growth is very important. Also the pressure and the expected competition are important factors to consider when evaluating a product.
Select the ideas that you feel mostly will be successful. The idea that will mostly customers buy. Also, the idea that you feel you is capable and ready to implement it it.
Step 3: Develop a business case, financial feasibility study, and Product Description.
Business Case
Business Case is a document that includes information about the Product, the requirements you need to start the product, the Human Resources that you require and many different sections. This will help you gather more information about your product and understand it more.
Usually a Business Case includes the following sections:
Includes the Expected Capital and Operational, and Demand Analysis. This is a Sheet which includes numbers and the amount of money required.
Capital Cost is the equipments and services that you need to purchase to start the service. For example, to start a Real Estate Project you need a land. A land is considered as capital cost because it is in the first step of developing the project and only one time payment. Operational cost are the cost you need to pay to run the service. For example, the labor cost you need to pay form employees to finish your Real Estate Project.
It is nice to develop a Feasibility Study as you will now the expected revenue and cost.
Product Description is a short document where you can put a brief description about the product you want to sell.
Step 4: Is to decide to go for the Product or Not to Go. You need to make decision if the Service or Product you want to launch is Feasible. If feasible you go to the next step.
Step 5: Project Management. After deciding to go for the project you need to implement the project. This requires good skills in Project Management. You need to make the Human Resources, the Financial Resources and the other resources ready.
In the last phase you need to think of the message you want to deliver your customers, where will customers be able to buy the service, how you goanna sell the service and many marketing things.
Step 6: Product Launch. This is a nice part where you will celebrate the launching the product or service.
Step 7: Evaluating You Product after launch. From time to time you need to evaluate your product and service. See how much money you generate? Is customer satisfied? Does the growth is same or above expectation?
That are the steps for Product Development Process.
I like product development and I like what his highness Sheikh Mohammed Bin Rashid Says about Something related to Product Development and Management.
You need to be a leader, As His Highness Sheikh Mohammed Bin Rashid Al Maktoum, "Everyone dreams, but only the leader can change dreams into reality"
Product Development is developing a Product or a Service that you want to sell to customers. Building a Product that people really needs and there is demand for the Product or Service you want to develop.
While Developing a product you need to consider that you product is technical and from commercial side you can develop.
Below are the steps you need to follow to develop a successful Product or Service.
Step I: Accept all ideas. Bring all ideas from different sources. Bring from customers, ideas from colleagues, customers, magazines, internet and from every where what you want to implement and develop. Everyone Dreams, bring all your ideas that you think you in your business. If you were in Real Estate Industry think of different options and put all of them in a piece of paper.
Step 2: Evaluate ideas. Ask you self: Will customer buy what you want to sell? Can you finically and technically provide your ideas to customer?
The expected growth is very important. Also the pressure and the expected competition are important factors to consider when evaluating a product.
Select the ideas that you feel mostly will be successful. The idea that will mostly customers buy. Also, the idea that you feel you is capable and ready to implement it it.
Step 3: Develop a business case, financial feasibility study, and Product Description.
Business Case
Business Case is a document that includes information about the Product, the requirements you need to start the product, the Human Resources that you require and many different sections. This will help you gather more information about your product and understand it more.
Usually a Business Case includes the following sections:
- Executive summary
- Brief Description about the Product
- Customer Impact (What will customer benefit from the service)
- Objectives and deliverables
- Costs: Which Includes: Capital Cost & Operational Cost
- Market analysis which you can include which includes: Target Market, Demand Assumptions, Growth, Pricing and Industry situation for the Product
- Price Proposed
- Implementation Period
- Partners if any
- Risk Management
- Conclusion
Includes the Expected Capital and Operational, and Demand Analysis. This is a Sheet which includes numbers and the amount of money required.
Capital Cost is the equipments and services that you need to purchase to start the service. For example, to start a Real Estate Project you need a land. A land is considered as capital cost because it is in the first step of developing the project and only one time payment. Operational cost are the cost you need to pay to run the service. For example, the labor cost you need to pay form employees to finish your Real Estate Project.
It is nice to develop a Feasibility Study as you will now the expected revenue and cost.
Product Description is a short document where you can put a brief description about the product you want to sell.
Step 4: Is to decide to go for the Product or Not to Go. You need to make decision if the Service or Product you want to launch is Feasible. If feasible you go to the next step.
Step 5: Project Management. After deciding to go for the project you need to implement the project. This requires good skills in Project Management. You need to make the Human Resources, the Financial Resources and the other resources ready.
In the last phase you need to think of the message you want to deliver your customers, where will customers be able to buy the service, how you goanna sell the service and many marketing things.
Step 6: Product Launch. This is a nice part where you will celebrate the launching the product or service.
Step 7: Evaluating You Product after launch. From time to time you need to evaluate your product and service. See how much money you generate? Is customer satisfied? Does the growth is same or above expectation?
That are the steps for Product Development Process.
I like product development and I like what his highness Sheikh Mohammed Bin Rashid Says about Something related to Product Development and Management.
You need to be a leader, As His Highness Sheikh Mohammed Bin Rashid Al Maktoum, "Everyone dreams, but only the leader can change dreams into reality"
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