Product And Market Development

Conceptualizing and designing the product.

Product and market development. Igor ansoff in 1957 and is in wide use by a number of firms. It was developed by h. The product can be tangible something physical which one can touch or intangible like a service experience or belief though sometimes services and other processes are distinguished from products npd requires an. Although this process differs for different industries but according to philip kotler new product development can be easily be broken down into eight stages.

New product development is described broadly as the transformation of a market opportunity into a product available for sale. Product development also called new product management is a series of steps that includes the conceptualization design development and marketing of newly created or newly rebranded goods or services. In other words product development incorporates a products entire journey including. When youre ready to launch a new product a marketing strategy can help you connect your customers to the new products before they are distributed by building interest and excitement around the product.

The objective of product development is to cultivate maintain and increase a companys market share by satisfying a consumer demand. Identifying a market need. Building the product roadmap. Concept development and testing.

Not every product will appeal to every. In other words a market development strategy helps businesses in a growth phase identify and develop new opportunities to sell their current line of products in previously unexplored markets. Market development is the process of selling to a new target marketproduct development is the process of designing and launching new products and services. Product development and market development are two quadrants in the ansoffs growth matrix that demonstrates four ways in which a company can expand and grow.

The next step in the new product development process is the marketing strategy development. The other two quadrants in the growth matrix are market penetration and diversification. Product development typically refers to all of the stages involved in bringing a product from concept or idea through market release and beyond. When a promising concept has been developed and tested it is time to design an initial marketing strategy for the new product based on the product concept for introducing this new product to the market.

Heres how to develop your own original product idea and what to consider at each stage. Ideation research planning prototyping sourcing and costing. New product development helps companies diversify target customer ranges and expand into new market segments.