Product Development Cycle | Product Life Cycle | Stages of Development
Whether you are trying to come up with the "next best thing" for your company to produce or a new product entirely, the product development cycle is crucial to successfully bringing a product to market. When going throughout this process, it is important to consider items like:
- Is there a need?
- What products do the competition have currently?
- Is your design cost effective?
- Where do you want to sell?
- What are your product's strengths and weaknesses?
- How long will your product last?
- How does it compare with its competition?
- What does this failure data mean?
- Why is this failure happening?
In our experience, though the names may differ, the stages and its purpose are the same. A product's development begins with a design concept and moves through each stage until it is launched into the market. With each stage comes more crucial product information, fine tuned details and required documents for a successful launch. Call today for a FREE Consultation! 303.444.7480
The product development cycle consists of six main stages:
- Design Concept - An idea is formed. You must identify and assess critical marketing and manufacturing barriers, along with the ability to fully communicate the concept.
- Technical Feasibility - You know what you want it to do, now you need to confirm if that target is attainable. You will also verify that there are no technical or economic limitations to implementation that cannot be overcome by development.
- Product Development - By verifying the product performs how it should, you will be able to make necessary improvements in materials, designs, components and processes.
- Product Validation - Validating your product and understanding its reliability helps you establish the market validity. In this stage, you will also validate your warranty period.
- Full Production - Your product has been launched.... now what? Why not find out just how your product stands against the competition? This will give you the opportunity to make improvements on the next revision... or really boost your sales by exposing your competition!
- Support - Things have been going fairly well since you've launched your product. Now failure data is coming back from the field.... what does this mean? Why is this happening?
Percept partners with your engineering to confirm the design and overall performance. In addition, we arm your marketing team with competitive intelligence which leads to success in the marketplace. We offer vital information no matter which stage of development you are currently working in.
What Are the Benefits?
- Meet schedules
- Get to market faster with a well defined product
- Leverage your strengths
- Gain confidence and understanding
- Ensure customer satisfaction
- Save time and money