Which Stage of the Product Development Process Would a Company Make a Prototype of the Product
For aspiring entrepreneurs, it is one of the biggest hurdles to bring the vision of the original product to life. When you hear the origin stories of great businesses, the journey to the completion of the product development process is quite the mystery and it rarely resembles a straight line.
What is new-product development and why develop a new product?
New-product development is basically bringing the original idea of a product to market. The foundation for success in the new product development process is conveyed by this quote by Ralph Waldo Emerson, “Unless you try to do something beyond what you have already mastered, you will never grow.” Therefore, to create a new product, you need a unique vision, to give what the consumers want and will buy, and then make that vision become a reality by following the stages of the product development process.
What are the stages of the new-product development process?
- Stage 1: Ideation– First and foremost, you need to come up with an idea that your competitors are not yet offering. Apart from giving you an edge over your competitors and making you superior to them in the marketplace, it will also mean that you have invested a lot of time into creating an idea through questioning, brainstorming and modifying the idea by utilizing both internal and external ideas sources– and finally achieving that ‘eureka’ moment.
- Stage 2: Research– So, now that you have your product idea in mind, you can start investing your resources into market research. You need to know what are the other factors that you need to keep in mind before developing your new product and what are your competitor’s offering so that you don’t miss out on any crucial detail that might take away any chances of you reaching your goal.
- Stage 3: Planning– Proper planning among your team, group, company and partners is important before you start the product development process, as it may become really complicated when you actually start to prototype a product. There might be a number of failed attempts, but you need to have the determination and consistency to continue with the process until you achieve validation of the idea from the users.
Stage 4: Prototyping– The most important step in the new product development process is to prototype your product idea. Not only does it save you from investing your valuable resources like time, money and energy into something that the consumers won’t like after the product is already developed, but also it helps to get an idea about the flaws or shortcomings the product has– prior to its development so that you can improve and refine the idea until it is validated by all. This process will be done best through Protomock.
- Stage 5: Sourcing– Now that your new product idea is validated– you need to start building your supply chain, i.e. look for investors and secure partners, gather the raw materials and everything else that is required for production, like storage, shipping, etc. You also need to determine whether you want your product to be available nationally or internationally.
- Stage 6: Costing– After the completion of ideation, research, planning, prototyping and sourcing, the final stage you need to focus on is costing. You got your investors and stakeholders, sourced your raw materials, and know your overall cost of development of the new product. So, you can start building your final product.
So, if you are looking for the best platform for your prototyping needs, Protomock is here to take your business idea to a more palpable form and bring it into reality.
For more details contact Protomock today!