Have
a big idea? Dreaming of ‘Kab Banega Crore pati’?
Driving down the road…and flash! You hit upon an idea that
could change the world. An idea that will put you into the annals
of history as a pioneer…but how and where do you start? I’ll
help you find out.
'Brand
new' gestation
Successful
start-ups need equally successful products to keep them alive.
Product development and the works, find out what goes on behind
the scenes- right from the product inception till it hits the
stands!
R&D efforts pay off when it comes to new products, upgrades,
and modifications. Here is a step-by-step description of product
evolution.
• Conceptualisation
It's
generating an idea! It involves a systematic search for newer
product ideas. This could come from internal sources, competitors,
customers, suppliers and distributors. A typical Gillette product
would be the outcome of 45 carefully developed new-product ideas
in the development stage; only one idea really makes it to the
marketplace!
•
Screening
This calls for a closer look at ideas to make sure they are viable.
The not-so-viable ones are done away with. Since product development
costs rise sharply in the later stages, companies should spot
ideas that are most likely to pay off, in this stage itself.
•
Testing
Having passed the screening stage, the idea is then fine-tuned
and formulated into a distinct concept that can be sold to customers.
Testing involves trying the product out on a group of prospective
customers.
•
Marketing
The marketing strategy involves three distinct stages.
The target market- defining the reach, audience and market
analysis
Positioning the product- defining your niche in the market.
Goals - sales targets, market share and profits for the first
few years.
•
Business Analysis
Evaluate the attractiveness of the product. This stage involves
calculating the approximation of costs, sales, and profit projections.
The analysis also ensures that the product can satisfy customer
as well as company goals. If the product passes this stage it
moves to the product development phase.
•
Development
This stage concretises the product-idea, which is still a mere
description, or a drawing. R&D initially designs a prototype
that will satisfy and excite consumers. They also make sure that
the product can be produced quickly at a low-budgeted cost.
•
Test marketing
The product is released in the market as a sample on a small scale.
This is to gauge customer response and test the marketing strategy,
advertising, pricing, branding, packaging etc. •
Commercialisation
With the information provided by the test marketing project
the company decides whether to launch the product. Once the decision
is made, commercialisation ensues and the product takes on the
market in a big way.
Have
a big idea? Dreaming of ‘Kab Banega Crore pati’?