The creation, development and ultimate launch of a product is essential for the sustainable growth and evolution of any business’s product portfolio. Successful or unsuccessful product creation can be the difference between the success and failure of a business. For start-up businesses in particular, successful product development is crucial for survival.
In the modern-day age of internet marketing, product design is not always an easy thing to do. The creation of a unique and notable product is difficult, because the internet market is already flooded with numerous products that are designed to fit every imaginable niche. In order for businesses to carry out proper and successful product formation, the idea of product creation itself needs to be fully understood.
What is a product?
A product is generally defined as any marketable good or service, which is produced by labor or effort. It is in essence, an article or a particular substance which is designed and then refined for manufacture and sale.
What is product creation?
Product development is generally defined as the process through which a business or an organization develops an initial idea or plan, into a testable prototype of a product which can be later manufactured and sold commercially.
Project creation can be divided into various different process and departments, each of which carries out different process and step that contribute to the final product.
- Policy and Planning: related to the initial idea, its screening and the charter for the product formation process.
- The Technology and people management: is centered on the use of technology, engineers, and supplies etc that enable the product making.
- Customer oriented process: Is in relation to a products performance in the market, customer reviews etc.
Though, the process of the product conception may vary from business to business (depending largely upon management style and the nature of the business itself), most organizations tend to divide this creation process and its subsequent steps, in the manner highlighted within this report.
Policy and Planning
The first step, within this product creation segment, is to do idea generation and screening.
• Idea generation and screening: Ideas that have been brainstormed need to be gathered for further evaluation in order to gauge whether these initial ideas, have the potential to be converted into products. These ideas need to be generated and used, in accordance with the nature and the goals of a business organization or its general policy as a business.
For some organizations, idea generation is a continuous and ongoing process which takes contributions from internal and external sources related to the organization. This is more often true for large companies. For example, Aaron Danker the creator of supermachine.com uses ideas for product creation that are provided by feedback and suggestions of his large list of subscribers and team, their marketing department creates innovative products.
After idea generation, the next logical step is to carry out the screening of the product ideas. In this particular step, the ideas generated are critically evaluated so as to, isolate the most viable and promising ideas from the less promising ones. Most organizations use high-ranking company personnel or create a ‘ideas committee’ for the screening process implementation. The screening process, separates the good from the excellent, and is essential to avoid product failure.