The product has characteristics that differentiate it from the existing ones. The essence of product development is to offer its customers more benefits that satisfy them. Besides, product development should always ensure that it meets all the requirements stipulated by the state. One of the lessons I have learned about product development is that having a clear road map abided with the objectives is crucial. Having ideas on how to initiate this project is not everything, but one should establish a strategy on which to be followed. The road map created should have the objectives that people should achieve, which acts as the primary driver for the project. Again, I understood that the customer’s needs are the primary focus meaning that there is a need to conduct research that would evaluate the current trends and users’ preferences (Sarangee 2019).
The solid research base on the target market, competition, and pricing needs a thorough understanding of the development of the project. With this, it will help in having more profound knowledge on whether or not it will be worth to invest in the project. I plan to apply these aspects of my product innovation because it has shown to be reliable and competent. Besides, this will be my first project in this organization. With the implementation of these aspects, I will be able to avoid pressures and hindrances associated with the market. Establishing the road map will help in flexibility by assisting in absorbing any unpredicted events (Cooper 2019). My next step will involve doing thorough research on the market that I will be launching my product. I need to have all the factors associated with the targeted customers, which will focus on their needs, preferences, and pricing. In this case, pricing will help in determining the cost-benefit in the proposed product. Also, testing of the ideas submitted is essential for which will create a portfolio to embrace.
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References
Cooper, R. G. (2019). The drivers of success in new-product development. Industrial Marketing Management , 76 , 36-47.
Sarangee, K. R., Schmidt, J. B., &Calantone, R. J. (2019). Anticipated regret and escalation of commitment to failing, new product development projects in business markets. Industrial Marketing Management , 76 , 157-168.
