Product Development

Product Development Strategies:
Product development strategy refers to the methods and procedures used to present new products to the market or to modify existing products to create new businesses.

Product Development Stages:

1. Identifying opportunities (the emptiness that the product will fill)
2. The stage of creating new ideas
3. Idea’s assessment stage
4. Studying the new product in terms of cost and quality
5. Testing the developed product
6. The stage of introducing the developed product to the market
7. Post-marketing evaluation stage

The Importance of Product Development
Product development is one of the important marketing activities during the life cycle of the product and the activity of the establishment as a whole, as this process represents the stage of innovating, creating, and presenting all that is new, on the basis that the consumer expects the establishment to provide him with the best in terms of quality and efficacy at the convenient price and at the convenient time and place.
The following chart shows the percentage of the expenditures spent by (APPLE)
Co. on research and development in relation to the total revenues

Product Development Data Sources
1. Customer needs analysis
2. Customer behavior analysis
3. Competitor analysis
4. Customer feedback analysis
5. Studying customer satisfaction
6. Testing customer experience
7. Compared to other experiences
8. Analyzing competitor products and alternative products

Product Development tools
1. Innovation
2. The new product must be eco-friendly
3. Manufacturability
4. Improving maintainability
5. Reducing complexity and increasing modularity
6. Increasing efficacy and durability
7. Reducing production costs

Product Development Risks
1. Takes a long time
2. The product development process is expensive
3. Strict legal requirements
4. Failure in estimating results