Have you ever wondered how the products and services are designed from scratch? You must be thinking – From where to start? What to do? There are a lot of factors that a marketer needs to consider while developing a new market offering. But don’t worry if you have no idea, Dawgen Global Marketing Practice Guide show you the “HOW” in developing a new product offering.
We examine the following :
1. What challenges does a company face in developing new products?
2. What organizational structures are used to manage new-product development?
3. What are the main stages in developing new products?
4. What is the best way to set up the new-product development process?
5. What factors affect the rate of diffusion and consumer adoption of newly launched products?
Developing a new market offering starts with Need Analysis and Idea Generation. You can gather ideas from your consumers by observing how they are using your product, asking about their dream products, asking what the problems they are facing are. The next step is the concept development stage. The consumers do not buy the idea; they buy the concepts. Hence, this step is focused upon ideation of the product offering.
The concept development stage includes deciding value-addition, Competitor analysis and STP of the new product offering.
Marketing Strategy Development stage includes analysing the external environment and deciding on the new product offering’s concrete strategies. This can also be done using 5Cs and 4Ps. After this, total sales, costs and profits are estimated under Business Analysis Stage. After the development, testing is of the new product offering is a must and then finally the new product offering is commercialised.
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