PRODUCT DEVELOPMENT

ALMIRA LIM
WHAT IS PRODUCT DEVELOPMENT

Product Development - also called “new product

management” - is a series of steps that includes the
conceptualization, design, development and marketing of
newly created or newly rebranded goods or services.
WHY PRODUCT
DEVELOPMENT IMPORTANT
Product Development strategies are important to ensure
value for your potential customers, as well as ensuring
that there is demand and that your final products are of
the highest possible quality before you take the products
to the market.
WHAT IS PRODUCT
DEVELOPMENT IN
MARKETING
A. Ideation - the process of forming ideas from conception to implementation
B. Market Research - the process of collecting vital information about a companies’
target audience market and competition
C. Planning - the process of establishing the goals and objectives of a project and
determining the resources and actions needed to achieve those goals
D. Prototype - an early sample, model or release of a product built to test a concept or a
process
E. Sourcing - every activity that revolves around identifying and assessing potential
suppliers; selecting and engaging with an appropriate supplier who offers the best value
F. Pricing - the process of fixing the value that a manufacturer will receive in the
exchange of services and goods
G. Commercialization - the organization of something in a way intended to make a
profit.
PRODUCT DEVELOPMENT
ADVANTAGES
A. Keep up with the latest technological advances and
trends
B. Stay ahead of the competition through innovative
solutions
C. Diversify the product offerings
D. Create new revenue streams
E. Keep their employees engaged and motivated
HOW PRODUCT
DEVELOPMENT IS PART OF
MARKETING
When you are developing your product, you are in
essence, developing a marketing program. If you view
your product as an extension of your marketing efforts
chances are your business will be far more successful, in
short marketing and product development are not
separate functions.
MOST IMPORTANT PART OF
PRODUCT DEVELOPMENT
 New Value of Customers
The first and most important reason for any new
development is to provide new value to the customer,
without this, there is no reason for them to trade their
money for the new device. However, if the product or
service offers overwhelming value, then customers will
flock to it.
IMPORTANT PART OF
PRODUCT DEVELOPMENT
PROCESS
 Research - is the process of finding out how the product or
feature you are currently working on is progressing,
whether there are any changes in your target audience’s
needs and whether to the product.
 Testing - is a method of analyzing s product concept
feature or functionality to determine how potential
customers may use or react to the product. It is a common
part of software development though many companies use
this type of testing to create and market products
effectively to consumers.
PRODUCT DEVELOPMENT IS
IMPORTANT IN MARKETING
The role of the product in Marketing Mix is one of the
key components that makes the entire process of
connecting with consumers and generating sales
possible. Along with price, place, and promotion, the
product provides the ultimate value to the customer and
serves as the entire reason for marketing effort.
HOW DO YOU ORGANIZE
PRODUCT DEVELOPMENT
Operatin Customer
Technical
g Features Workflo
Layers
Systems w

Customer
Product
Segments Personas Products
KPIs