Product Design

Technically, the product development process can vary based on different factors and industries. However, typically there are seven stages involved in the new product development process — idea generation, idea screening, product strategy formulation, product roadmap development, prototyping, development & testing, and product launch.

Conducting brainstorming sessions, performing consumer research, SWOT analysis, mind mapping, and trial and error methods are some of the preferred techniques for generating new product ideas.

There are mainly two ways businesses can obtain new products — make it or buy it. One can also collaborate with other firms if they share the same idea. However, it is often recommended to develop your own products for better understanding and results of your innovative concepts.