Product Development Process
Bringing your vision for an original product to life is frequently one of the biggest hurdles for aspiring entrepreneurs. The product development process can seem almost mysterious, and when you hear the origin stories of other great businesses, the journey to a finished product rarely resembles a straight line. New product development is the process of bringing an original product idea to market. Although it differs by industry, it can essentially be broken down into six stages – ideation, research, planning, prototyping, sourcing, and costing. Many aspiring entrepreneurs get stuck on ideation, often because they’re waiting for a stroke of genius to reveal the perfect product they should sell. While building something fundamentally “new” can be creatively fulfilling, many of the best ideas are the result of iterating upon on an existing product. The SCAMPER model is a useful tool for quickly coming up with product ideas by asking questions about existing products. Each letter stands for a prompt – Substitute, Combine, Adapt, Modify, put to another use, Eliminate, Reverse. By asking these questions, you can come up with novel ways to transform existing ideas or even adapt them for a new target audience or problem. With your product idea in mind, you may feel inclined to leapfrog ahead to production, but that can become a misstep if you fail to validate your idea first. Product validation ensures you are creating a product people will pay for and that you won’t waste time, money, and effort on an idea that won’t sell. There are several ways you can validate your product ideas. However, you decide to go about validating your idea, it is important to get feedback from a substantial and unbiased audience as to whether they would buy your product. During product development, each journey to a finished product is different and every industry has its own unique set of quirks involved in creating something new. No matter what you’re developing, by putting in all the necessary preparation — through researching, planning, prototyping, sourcing, and costing — you can set yourself up for a successful final product.
Product Development Process template is made in soft colour scheme. The first slide of this template allows you to describe the four stages of product creation – discovery, detailed design, testing, ramp up. The next slide gives you the opportunity to present the product development plan by year. This slide will be useful for startups when preparing a project development plan and releasing the first prototype. Product Development Process template will be useful for product managers in their daily work. This template can also be used by engineers and designers when preparing their reports on new equipment developments. This template will be useful for executives when preparing a strategy for the development of a company through the release of new products. You can change the slide elements to suit your corporate style.