New Product Development: A Process of Succession 1 | Page 2

Product Development Process With Succession
In depth research and analysis is required for the development of new product. With millions of
goods already catering the market, it is a very critical task to launch an innovation and
distinguish it, from its competitors.
Due to globalization, the worth of local products has decreased. Particularly in developing
countries, people prefer international goods. Consumers look for products that are already known
to them, brand which they can trust. If you are a successful trademark known in the market,
consumers will readily use your new product based on your prior reliability and quality.
However, things get convoluted when a new establishment steps in the market. Here, we have
accumulated product development process that will help you introduce your goods.

Ideologies Generation:
The first step is to stay updated with the market trends. Conduct SWOT analysis of the product
which will also help in differentiating with the competitors. The expenses, affordability,
distribution costs and ROI should also be calculated. Generation of ideologies should be flexible
keeping in mind internal and external factors. Since the risk factor in initial stage is in elevation,
the method should encompass of multiple plans at every level of development.

Idea Screening and Testing:
This step implicates the decision making for continuation or stopping the product ideas. You
need to screen and test your ideologies, methods and competitors. The goal should include
decrease in expenditure by choosing the effective method of product development. A
comprehensive report should be established on how the competitors launch their new innovations
and the market share it achieves, by analyzing its growth. After the screening of the idea, the
concept is tested which consists of validity of consumer demand for the product.

Business Analytics and Marketability Tests:
For a successful developmental process, a system of metrics should be built to monitor the
process. Input and output metrics should be included constituting of the time duration at every
level, sales of product in percentage, measuring product value and authentic feedback.
Private test groups should be established via beta versions. This will help in getting the test
panels that would provide valuable information. It will also help in generating hype. WordPress
is a prime example of beta testing.