Generally, product development is done for improving the productivity of existing product or to introduce another product. Product development is also referred as new product management. Many Product Based Software Development Company helps the customer’s business by providing solutions at each level which lead to rise in their organization.

Functions of Product Development

The main function of product development is to maintain, increase, and cultivate the market of a company and to satisfy the demand of the customers. Therefore, a good product development helps in creating and enhancing the satisfaction level of customers as well as to boost the productivity and profitability of the customers. Some of the functions that take place in product development process are:-

• It helps in enhancing the utility of the new product, or it can upgrade the features of the existing product, just to enhance the growth of the customer’s business which can either be personal business or commercial business.
• The innovation of new product helps a well-defined service delivered to the customers, for better productivity and outcome of their business.
• In addition to it, it helps in creating a completely new product or can upgrade the existing product only by exploring all the possibilities which can occur in business with responsive outcomes.
• There can be continuous growth and improvement of the new product by satisfying the demand of the end users.

Stages of Product Development

There are many stages of product development that have different specifications involved in it. Hence, the first stage that comes under this category is the Idea Generation. As we know that, ideas come from anywhere, in any form or can be many. Therefore, this stage includes the large pool of ideas to develop a different kind of service to their customers. Post that we analyze the scope of that idea in the market on various stages. These stages are categorized as below:-

• Internal source

Internal source plays an important role in this process. There are many companies who offer incentives to their team for coming up with an innovative idea and then an internal discussion takes place to work & modify the idea as per the mutual decision. This is the initial step of the process.

• SWOT analysis

The term SWOT stands for strength, weakness, opportunity and threats. This stage of product development helps customers to come up with feasible ideas as per the current situation of market and understand its potential for growth and areas of improvements.

[ Read More: Simple Guidance To Software Development Process ]

                                                                   Stages for Product Development

• Market research

Market research is the most significant feature that is covered by companies. As companies analyze the requirement of their customers, their needs, want, and trends available in the market to modify the product accordingly.

• Customers

Sometimes, it happens that the reviews and the feedbacks that a company receives from customers help the company in modifying or innovating new product. So before its launch it is highly important to get the feedback of their customers on that.

• Competition

Competitors SWOT analysis helps the companies understanding the competition level of that product in the market. Technology is a highly competitive market so innovation is the only way of sustaining in the market. New product and innovation always gives an edge over the competition while existing product faces a lot more competition and take a lot of time & money in making its position.

New Product Development Cycle

Whether a user is trying to come up with the new business or modify an existing business, the main thing that they need to develop is the product. Hence, the life cycle of the product development is the crucial factor that must be considered in order to bring the product to the market. A basic step of the lifecycle is being maintained for product development as:-

• Design concept

The concept of design stabilized behind the idea. Therefore, a conceptualized idea is being formed in order to build a design of the product. You must clearly identify the criteria and barriers of the product.

• Technical feasibility

You must confirm that the requirement that you need completes the attainable target or not. Hence, you must verify the economic and technical limitation of the product development.

• Product development