Product Strategy
4 HAZARDOUS ERRORS IN PRODUCT DEVELOPMENT STRATEGY
Everything Moves But Does Not Create Traction
The product development team confuses activity instead of progress. Everyone is busy, but the roles are not clear and the initiatives are not linked together in a broad strategy.
Stuck In Test Development
Businesses focus on ordinary ideas for too long leading to a waste of resources that can instead be used to develop better ideas with growth potential.
Overall, Lack of Action
The strategies are quite macro – and lack the necessary focus on the customer – to generate actions and direct investments in the most valuable opportunities.
Autoimmune Response
Proposed innovation projects and strategies that threaten the status quo are often rejected by the main business product or activity before they can prove any value.
PLANNING A BETTER PRODUCT DEVELOPMENT STRATEGY
To develop and commercialize a new product, this strategy represents the company’s long-term vision (or business unit). It shows how organizations can be at different stages of growth and business development, and as a result, the importance of each new product launch may vary (and often serve business different goals.
Under the old approach, a product development project will go from stage to stage: concept development, feasibility testing, product design, development process, protocol, and final production. Currently, several Japanese and US firms are changing to a rugby approach, in which the product development emerges from the continuous interaction of a hand-selected multidisciplinary team that works together from start to finish. Instead of moving in well-defined, highly structured stages, processes are born out of the team members’ interactions. This comprehensive approach focuses on requiring high quality, low cost, and the difference to excel in today’s competitive market. It also requires speed and flexibility
For example, a company’s vision for new product development could be to continue establishing leadership positions in the industry or creating a technological gap with its closest competitors, while an others company’s vision can help them stay competitive (or even keep up with trends if it has lagged,) in comparison to the leaders. It is easy to see how these two strategic goals will lead to a very different concentration of new products and very different market launches.
Fully understand market objectives
Fully understand market objectives
When you devise a product development strategy, you must know your target market. You need to answer questions about the market: research product development strategy
Strategic objectives
Strategic objectives
Developing new products is the lifeblood of businesses. It could be a tangible product such as a motorcycle, a smartphone, or a coffee maker; or it could be a service such as IT software, a new manufacturing process, or a new marketing concept.
Marketing strategy
Marketing strategy
Big companies know how to launch a product. But they also know how to redirect – to make a big directional change based on consumer’s feedback.
market/ Insight