Delivering the right products or services at the right cost with strong marketing support will ensure you’re competitive. To stay competitive, you’ll need to keep your offer fresh – that means keeping up with trends in your market, emerging technology and refinements to existing products.
Product development involves either improving an existing product or its presentation, or developing a new product to target a particular market segment or segments. Consistent product development is a necessity for companies striving to keep up with changes and trends in the marketplace to ensure their future profitability and success. A competitive product development strategy should include a company-wide commitment to creating items that fulfill particular consumer needs or characteristics. These characteristics might include consumers’ desire for the following: products that are high-quality or low-cost; products that provide the consumer with speed or flexibility; or products that offer some other form of differentiation that posits them a desirable purchase.
Below is a chart to show the process involved during the Product Development.