Product Development In Small Business

Product Development in small business

Introduction

Product is a service or good that’s been designed to satisfy the demand of a target audience. This are offered to the market for satisfying a certain aim or need. Can be called merchandise in retailing, meanwhile in manufacturing it is bought as raw materials and sold as finished goods. There are service based business that provide advice and skills which help is distributing products created by other businesses, chances of having best success is to make sure to have a successful established relationship with clients and customers which help in boosting marketing strategies for the product. According to (Chris Newton; June 29, 2018) these are the basic 7 steps to consider when developing a product.

Product Idea Brainstorming

Generating a product idea is essential which is the first step, having doing research on products in the market whether they exist or not and how competitive they are.

Evaluate the Ideas

Evaluating the idea is the second step where ideas are shared among the decision makers in the business, from there the pros and cons of each idea are analysed which helps in narrowing down to effective ideas based on their potential to generate a good revenue.

Market Evaluation

Market evaluation is the third step, this step will ensure having appropriate feedback from customers and employees and partners on which idea is more effective. Creating questionnaires and surveys on products can be very useful on identifying if the product is valuable or not.

Analyse the Competitive Situation

In this section the business perspective will be analysed depending on the competition for similar products. The demand and all costs should be determined to help gain profits.

Prototype and Marketing

In this phase a prototype will be generated and will be distributed amongst a few people to test and review the product for better market analysis.

Market Testing

In this section some adjustments will be made to the prototype or a new one will be generated, if necessary. Development of additional prototypes for market testing. Doing a small product release in selected areas. See whether the product sells well, and evaluate why sales are high or low. Evaluate the price and the effectiveness of the marketing messages. A small launch helps determine what needs to be done before an official launch.

Prepare for Launch

Launching the product is the last step where evaluation of how many products to produce based on the market testing and demand for the product will be analysed. Advertising and speaking to product distributers about ordering the product helps in making the product launch easier.