A new product is necessary for the development and growth of any company. One of the phrases associated with this, most used today is: innovate or die. Any new product It must be based on correct planning, in which innovation and quality are taken into account. Likewise, the product developed must always be compatible with the global goals of the company.
In this article you will find:
What is a new product?
A new product does not necessarily represent a product that is of recent manufacture; but, in reality, we can refer to this term to various products; for example, making simple secondary changes to an old product, among others.
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New products can be classified into:
-Innovative products that generate the birth of new spaces in the markets; in this case, products that do not have direct competition (or that this is minimal).
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-Extension towards new lines of services and / or products. Usually, this type of service is focused on attracting clients that the competition monopolizes.
-Repositioning. When, through advertising (generally), it is installed in the minds of the public or potential clients who seek to create new needs.
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New product development feature:
-The process of creating new products is not linear.
-The process is quite similar, let's talk about services or products.
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- Stages can be carried out simultaneously.
-It is an interdisciplinary work, in which marketing, engineering, human resources, etc. converge.
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-The results of one stage can influence the following in a decisive way.
Stages of the new product strategy:
Idea generation:
Any strategy of new products It starts with generating ideas. The usual thing is to make a brainstorming until I find the satisfactory one. It is necessary to establish from the beginning to which market the product or service will be directed, and if it is in accordance with the philosophy and objectives of the company.
Filtering ideas:
The objective of this stage is to only keep the ideas that are useful, and discard the ones that are not. For this we must have the ability to preserve those ideas that can be true income generators.
Verification and development of concepts:
It is in this step that the ideas that have "survived" are transformed into the concept of a new product. It is the condensation of the previous stages.
Creation of the marketing strategy:
Here different influences that can affect the success of the product must be taken into account, such as the probable price of the product, the positioning strategy, the expected sales, among others.
First prototypes:
The first prototypes are made for subsequent tests on the market. Possible errors that prototypes may have are studied and an attempt is made to solve them to create a quality product.
Market testing:
After passing the consumer and functionality tests, it should be tested in the market. The amounts of tests to be carried out will vary depending on the product and its characteristics. We must have a special budget for such tests.
Commercialization:
The process of new product strategy ends with the commercialization of the product. At this point, the following questions should have already been answered: when? How? Where? Who? Among others.
