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Product Development Checklist

 

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Product Development Checklist The Product Development Checklist is a step-by-step guide that gives an illustration of how a product is conceptualized and manufactured. It focuses the reader on some important challenges that should be handled during the development process. The Checklist is designed to help save time and effort necessary for product manufacturing.


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1. Product Idea Investigation.

  • Generate an idea. The first and foremost task of product investigation is to create an idea of your new product. Idea generation is a continuous process of seeking for new product opportunities. To generate a feasible idea you need to answer the following questions:
    • What are physical characteristics of my new product?
    • What customer problems will the product solve?
    • What benefits will customers gain?
    • What business opportunities will my company gain?
    • What will be the amount of product development budget?
  • Screen ideas. This step is about reviewing product design ideas you’ve generated. The goal is to identify, screen and filter poor, unsuitable, unfeasible and unattractive ideas and concepts. Here’s a small checklist for product idea screening:
    • Design a product development matrix to compare your ideas by product attributes.
    • Review benefits your customers gain.
    • Review opportunities your company gains.
    • Conduct cost-benefit analysis to compare your ideas with each other.
    • Measure each concept against the risk of failure.
    • Identify the most attractive and suitable idea.
    • Test your idea. This step requires you to test your product concept in order to measure customer attitudes and intentions at the early stage of development, prior to expensive and time-consuming prototyping. Here’s what you can do:
      • Test your product idea against benefits your customers gain.
      • Test your product idea against opportunities your company gains.
      • Set up development KPIs for further measurements and evaluations.
      • Measure an expected level of customer satisfaction.
      • Measure an expected level of competitiveness your company reaches in case the product is successfully developed.
      • Make appropriate notes and records.
  • Make financial analysis. The goal of this step is to analyze your product concept in financial terms in order to ensure the concept is market-oriented, can be realized by your company and can bring expected financial benefits and business opportunities. Here are key factors you need to investigate during your financial analysis:
    • Demand projections
    • Cost projections
    • Market size and competition
    • Required investment
    • Expected profitability

Answering these questions will help you generate one or several ideas. Most likely you will get multiple ideas. Then your next step is to screen these ideas.

In case testing of your product idea shows satisfactory results, you can proceed with taking the next step; otherwise you have to go back to the \"Generate an idea\" step or/and choose other, more effective technologies.

Financial analysis will produce results that show whether your new product concept fits into financial and business expectations of your company. Such results will be used by you to make a decision on whether to start constructing your product or not.

2. Product Launch.

  • Construct your product. The step is to convert your product idea into a physical form. You need to construct or manufacture the product with reference to physical characteristics and attributes stated by your idea. Product construction involves using production facilities to prototype and manufacture your product and also to prepare it for distribution to the target market. Product construction is the most "expensive" part of the overall development process. It involves a considerable amount of development costs to create your product.
  • Propose a marketing plan. As your product has been constructed it can be placed for sale. But you can’t sell the product without a good marketing plan. That’s why you need to develop a plan for marketing your product and propose this plan to senior management for approval.
  • Test marketing. This step involves placing your product for sale in one or several ...


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