What is Product development? | New Product development — Transcript

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1. 0:04greetings and welcome to my video on
2. 0:06product development product development
3. 0:08refers to the comprehensive process of
4. 0:11conceptualizing Designing and
5. 0:13introducing a new product to the market
6. 0:15it encompasses various stages starting
7. 0:18from the initial idea to the final
8. 0:19launch and often involves continuous
9. 0:22Improvement even after the product has
10. 0:24been released
11. 0:25the primary objective of product
12. 0:27development is to fulfill customer needs
13. 0:29address specific Market demands or solve
14. 0:32existing problems
15. 0:35you must be clear that product
16. 0:36development and new product development
17. 0:38are related Concepts but they are not
18. 0:41exactly the same
19. 0:43let's explore the differences between
20. 0:44the two
21. 0:46let's discuss product development first
22. 0:49product development is a comprehensive
23. 0:51term that encompasses the entire process
24. 0:53of creating designing and enhancing
25. 0:56products regardless of whether they are
26. 0:58entirely new or existing products
27. 1:01it includes the development of both new
28. 1:04products and the Improvement of existing
29. 1:06ones such as product line extensions
30. 1:08upgrades or modifications
31. 1:11the product development process involves
32. 1:13multiple stages starting from ideation
33. 1:16and design to testing an eventual
34. 1:18product launch
35. 1:20the primary objective of product
36. 1:22development is to optimize and enhance
37. 1:24products to meet customer needs increase
38. 1:26Market competitiveness or address any
39. 1:29shortcomings in the existing product
40. 1:30lineup
41. 1:32new product development
42. 1:34new product development specifically
43. 1:37focuses on creating entirely new
44. 1:39products that the company has not
45. 1:40previously offered
46. 1:42it is a subset of product development
47. 1:44and is exclusively concerned with
48. 1:46bringing novel products or services to
49. 1:48the market
50. 1:50new product development presents unique
51. 1:52challenges as it requires starting from
52. 1:54scratch and involves higher levels of
53. 1:56uncertainty and risk compared to
54. 1:58improving existing products
55. 2:00the main goal of new product development
56. 2:03is to introduce innovative solutions to
57. 2:05meet Emerging Market demands exploit New
58. 2:08Opportunities and drive business growth
59. 2:11if you find the video helpful please
60. 2:13give it a like that will be helpful for
61. 2:15this channel
62. 2:17now come to the stages of product
63. 2:18development
64. 2:20the product development process
65. 2:22typically involves the following key
66. 2:24stages
67. 2:25stage one idea generation
68. 2:28during this stage innovative ideas for
69. 2:31new products are brainstormed and
70. 2:33explored
71. 2:34sources of inspiration may include
72. 2:37customer feedback market research
73. 2:39competitor analysis and internal
74. 2:41creative sessions
75. 2:43stage two idea screening
76. 2:46after generating numerous ideas a
77. 2:49screening process is applied to assess
78. 2:51their viability Market potential
79. 2:53technical feasibility and alignment with
80. 2:56the company's objectives
81. 2:58only the most promising ideas proceed to
82. 3:00the next phase
83. 3:02stage 3 concept development and testing
84. 3:06selected ideas are developed into
85. 3:08tangible product Concepts
86. 3:10these concepts are then tested and
87. 3:12refined through feedback from a target
88. 3:14audience ensuring that they resonate
89. 3:16with potential customers
90. 3:19stage 4 business analysis
91. 3:22this stage involves thoroughly analyzing
92. 3:25the potential products Financial
93. 3:26viability
94. 3:28factors such as production costs pricing
95. 3:31strategy projected sales volume and
96. 3:33competitive landscape are taken into
97. 3:35consideration
98. 3:37Stage 5 product development once the
99. 3:41concept is validated and deemed
100. 3:43financially viable the actual product
101. 3:45development begins
102. 3:47prototypes are created then repetitive
103. 3:50testing and refinement occur to meet the
104. 3:52desired specifications and quality
105. 3:54standards
106. 3:56stage six
107. 3:58testing and validation
108. 4:00the developed product undergoes rigorous
109. 4:02testing to ensure compliance with safety
110. 4:04regulations quality standards and
111. 4:07expected performance
112. 4:09this phase may involve Alpha and beta
113. 4:11testing with selected users
114. 4:14stage seven
115. 4:15commercialization
116. 4:17after successful testing and validation
117. 4:19the product is ready for launch detailed
118. 4:22Marketing sales and distribution
119. 4:25strategies are executed to introduce the
120. 4:27product to the target market effectively
121. 4:30stage 8 post-launch monitoring and
122. 4:34Improvement
123. 4:35following the product launch ongoing
124. 4:37monitoring and customer feedback
125. 4:39collection are crucial to identify any
126. 4:41issues or areas for improvement
127. 4:43this valuable information guides
128. 4:46subsequent product updates or
129. 4:47enhancements
130. 4:49product development is a complex and
131. 4:51repetitive process
132. 4:53ible companies emphasize continuous
133. 4:55innovation to remain competitive and
134. 4:57adapt to evolving customer needs
135. 5:00the precise steps involved in product
136. 5:02development may vary depending on the
137. 5:04industry company size and the product's
138. 5:07nature
139. 5:09if you want to read in detail or
140. 5:11download the PDF go through the link in
141. 5:13the description and don't forget to
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