What is Product Development ?
In business, product development covers the complete process of bringing a product to market.
Product development is described broadly as the transformation of a market opportunity into a product available for sale.
The product development process typically consists of several activities that firms employ in the complex process of delivering new products to the market.
Every product will pass through a series of stages/phases, including ideation among other aspects of design, as well as manufacturing and market introduction. In highly complex engineered products and process can be likewise complex regarding management of personnel, milestones and deliverables.
Product development involves risk of investing precious time, money (capital) and intellectual resources. Therefore, it is necessary that it is well-planned.
Increase revenue : new products provide you with new revenue streams.
Redesign of existing products can decrease costs and so increase margins. The driver for this could be in response to competition.
Innovate to develop new products or product variants, to beat competition in regional, national and global markets.
Product launches attract customer interest at exhibitions and industry launches.
Respond to market changes, such as customer preferences or new legislation.
Benefits & features of Product Development
Why Solace ?
Conversion of market need to a reality-based solution.
Creation of new wealth.
Provide you with a small footprint with exceptional performance.
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Repositioning consists of introducing the existing product in a new segment or a territory.