Cross-functional New Product Committee
One option is to form a cross-functional new product committee. The committee should include representatives from each department, including engineering, manufacturing, marketing, and finance. Company leaders or outside consultants generally provide the committee with new ideas for new products for review and approval.
New Product Department
Another option is to establish a new product department. This choice involves hiring a full-time staff with experience in researching, developing, manufacturing, and marketing products. Members of the new product department are usually responsible for overseeing all aspects of the new product, from inception to customer delivery.
Product Manager
Finally, hiring a product manager is perhaps the most common method used to develop new products. The product manager is generally in charge of an individual product or product line.
He or she creates the objectives and determines the best strategies to develop, manufacture, improve, and sell particular goods or services. No matter which method you use to create new products, you must always listen to your customers to develop products they want.
Product Development Process
Once you designate the people responsible for developing new products, you can implement a standard process to make the ideas become reality. The six-step product development process improves your company's ability to develop new ideas quickly and efficiently.
Product Development Process
1. Generate ideas
The first step of the process is to generate new ideas. You should conduct consumer and industry research to generate quality ideas that match your company's mission, solve customers' problems, strengthen your company's position, and present profit-making potential.
2. Evaluate ideas
The second step of the product development process is to evaluate ideas. When you and your team have a list of proposals, you should evaluate the marketing and profit potential of each idea and decide whether the potential matches your organization's objectives.
3. Conduct feasibility research
Conducting feasibility research is the third step of the process. After you identify the best ideas from the evaluation stage, you should research the feasibility of each idea and construct a case to justify each venture.
The research stage of the process requires you to assess your organization's ability to produce the product, conduct a concept test to gauge consumer interest, and perform competitive and financial analyses to better understand the new product's potential. The information you gather from this research will help you decide whether to move forward with product production or kill the idea.
One option is to form a cross-functional new product committee. The committee should include representatives from each department, including engineering, manufacturing, marketing, and finance. Company leaders or outside consultants generally provide the committee with new ideas for new products for review and approval.
New Product Department
Another option is to establish a new product department. This choice involves hiring a full-time staff with experience in researching, developing, manufacturing, and marketing products. Members of the new product department are usually responsible for overseeing all aspects of the new product, from inception to customer delivery.
Product Manager
Finally, hiring a product manager is perhaps the most common method used to develop new products. The product manager is generally in charge of an individual product or product line.
He or she creates the objectives and determines the best strategies to develop, manufacture, improve, and sell particular goods or services. No matter which method you use to create new products, you must always listen to your customers to develop products they want.
Product Development Process
Once you designate the people responsible for developing new products, you can implement a standard process to make the ideas become reality. The six-step product development process improves your company's ability to develop new ideas quickly and efficiently.
Product Development Process
1. Generate ideas
The first step of the process is to generate new ideas. You should conduct consumer and industry research to generate quality ideas that match your company's mission, solve customers' problems, strengthen your company's position, and present profit-making potential.
2. Evaluate ideas
The second step of the product development process is to evaluate ideas. When you and your team have a list of proposals, you should evaluate the marketing and profit potential of each idea and decide whether the potential matches your organization's objectives.
3. Conduct feasibility research
Conducting feasibility research is the third step of the process. After you identify the best ideas from the evaluation stage, you should research the feasibility of each idea and construct a case to justify each venture.
The research stage of the process requires you to assess your organization's ability to produce the product, conduct a concept test to gauge consumer interest, and perform competitive and financial analyses to better understand the new product's potential. The information you gather from this research will help you decide whether to move forward with product production or kill the idea.