If the product is successful it must have a desirable attribute for your target market and/or it will be unique. If it isn’t either of these things then your chances of success are next to nothing. Once you determine the fact you need to create this product you need to answer the following questions.

“Can we produce it?”
“Can we sell it?”

Feasibility study shows that the idea is worth pursuing and it is doable. The product development process begins afterward. The process involves 8 stages and every product needs to go through each of these 8 stages in order to sell it to consumers.
1) Idea Generation
2) Idea Screening
3) Concept Development
4) Market Strategy
5) Feasibility Analysis/ Study
6) Product Design
7) Test Marketing
8) Market Entry

1) Idea Generation
You can see the market gap, you identify the problems that consumers are facing, and you have a solution for that and that idea will give value to those consumers.

2) Idea Screening
You need to test consumers reaction to our idea. This requires surveys and other activities to ensure that there is user attraction for it.

3) Concept Development
For concept development, you need to align things with consumer expectations along with development limitation and define a features list such as;
– Must have
– Should have
– Could have(Nice to have)
– Won’t have
In this phase, we only go for “must have” features and define our top priority list. If you are facing any difficulty in defining those we can help you and you can contact at https://www.arkhitech.com/contact-us/.

4) Market Strategy
Market Strategy is how you are going to address each of the 4P’s (Product, Price, Place, Promotion). You want to make sure it will address the target market needs as well as you need to identify you need to address your primary target market and your secondary market.

5) Feasibility Analysis/ Study
You need to ask following questions as per your last stages work like;
Do you have Material and labor required to produce this product?
Is the price of production way too high?
Do you have distribution channels available to get your products to consumers?
What about promoting your product? how will you do that? Will it be cost effective?
Basically, you want to ask these questions
“Can you make and sell this product while making money?”

6) Product Design
In this phase, you simultaneously do the design of your product while building feasibility reports. You continue to take consumer feedback and incorporate it into your design. If it is a physical product that consumers will buy, then you also have to think about packaging designs and materials. You could take the help of companies like Impacked Packaging that connect buyers to suppliers, after which you could test the packaging from a couple different vendors during the initial feasibility studies.

What will the product look like? The design depends on what it does, as well as what the target market wants. It is important to emphasize that you cannot just make a product that is functionally working. Instead, it also needs to satisfy the UI/UX expectations of your target market. If you and your team find yourself struggling during this phase, you may wish to look into running a design sprint in order to help generate ideas or find a good solution to a particular problem you are having.

7) Test Marketing
In this, we need to do further consumer acceptance testing. Does the consumer like it? Will the consumer accept it? In this phase, you may distribute a random sample to your consumers. If you have the budget and want to test the product on a larger population of your target audience, then you can even do a beta product launch event. Perhaps you could make use of appropriate custom trade show booth design and other marketing materials to bring in the desired consumers. Consumer feedback in this phase will improve your product and determine if the product is ready to be officially released in the market.

8) Market Entry
This is the phase where the product is actually released into the market. Product lifecycle will be determined by the consumers, competition and further product advances. No matter what you have done up to that point there are lots of unknowns that will influence your product and you need to be ready to take charge on it!

We are here to enable you to construct your item. You shouldn’t be separated from everyone else, trust the experts and contact us at https://www.arkhitech.com/contact-us/.