What Is Product Development? What Is The Process?
Product development is an aspect that is just as important as marketing and customer service. When a company develops a new product or updates an existing product, they need to pay attention to customer needs and preferences, market trends, and industry competition.
Seeing that business competition is increasingly competitive in the digital era like today, business owners must continue to look for fresh ideas to improve the quality of their products. One strategy that you need to consider to win this competition is to do product development.
Through product development, you will create new products so that the opportunity to get more customers will be wider open. However, in order for the product to be in accordance with the desired expectations, there are several stages that you need to do in this product development process.
Here we provide an explanation of what product development is with the stages in it.
What is Product Development?
Product development is a complete process carried out to produce new products for customers or the market. This process includes several stages starting from generating ideas, gathering information about the needs and desires of the target market, designing the product, and testing it.
A product is considered new when it meets several criteria, such as the following:
- a completely new product on the market
- a new product for the company that develops it
- a modification to an existing product
The products referred to above can be hardware, software, goods, or even services. The purpose of product development is to ensure that new or improved products meet customer needs, have added value, provide a competitive advantage, and help the company achieve its business goals.
Broadly speaking, product development is an important part of a company’s business strategy. With this process, companies can respond to changing customer needs with relevant innovations.
Who is Involved in Product Development?
In the previous section, we have understood what product development is. Now, let’s discuss who is involved in this process.
In the process of developing a new product, the product manager is responsible for the success or failure of a company’s product. The Product Manager will set the strategy and help build the product roadmap.
However, Product Development requires cooperation and input from various
teams within a company. Some of them are:
- Developer
- Designer
- Marketing
- Sales
- Finance
- Testing
Why is Product Development Important for a Company?
Product Development plays an important role in the sustainability of a company because it can encourage the creation of more new products and innovations to its products. Ultimately, this will open up greater opportunities to reach a wider target market so that the profits obtained can increase.
In addition, product development is an important process for companies for several other reasons, such as:
- Providing new value to customers
The first and most important reason for every product development is to provide new value to customers. This is what can attract customers to continue using your products.
- Maintaining the existence and development of the business
Product development needs to be done because without any improvement, a company will wither and cannot develop. Companies also cannot compete and lose customers if they do not issue new innovations to their products.
- Providing products that are useful to society
In addition to being useful for business, product development will also have a positive impact on society. During the development process, the company or business will conduct various analyses to find out what the problems and needs of the community are. By developing new products that suit these needs, of course customers or the community will be greatly helped. For example, LOGIQUE has developed a BASTK or eBASTK application that can facilitate the process of making BASTK digitally so that the vehicle handover process can be done more easily.
Why choose Mitra IT?
• Expert Team: We have a team of experienced and creative technology experts.
• Comprehensive Solutions: We not only provide technology but also offer full support to ensure your business success.
• Focused on Results: We are committed to helping you achieve your business goals.
Don’t miss the opportunity to maximize your business potential!
Contact us now for a free consultation.
