WEEK 2

• Product development


  The process of developing, testing, and commercializing a product or service with the ultimate objective of solving the problem of the primary target market.
• 4 sequential steps of product development

  1. Developing a product or service description
  2. Creating a prototype
  3. Testing the prototype
  4. Validating the market
• Product description


  • The purpose of this is to provide customers with details around the features and benefits of the product
  • It should directly address the primary target in personal manner
  • Should highlight the features that will cater to the customers needs or address the customer's problems
  • Realistic superlatives should be used for the product description
• Prototype


  An early version of a product that is used to test and refine a design before mass production
• Prototyping 


  Initial creation or duplication of a product that shows the basics of what a product will look like, what it will do, and how the product will operate
• Advantages of creating prototype

  • Engage in trial and error that provides room for improvements and refines the functionality of the product design or service process
  • To provide a window to test the performance and specifications of various materials and service processes
  • To effectively describe the product or service to the product team
• Testing the prototype

  • Uncovers final loopholes that should be fixed before commercialization
  • A leeway to examine and scrutinize the prototype and provide feedback as to what can be improved before the launch
  • It is mandatory to ensure that the product or service will not feel the customers and will deliver its definitive purpose
• Validating the market acceptability


  • Process of finding out if the intended primary target market will be buying the product or availing the service
  • It either validates or disconfirms the perception of the entrepreneur about the suitability of the chosen primary target market
  • It tests whether the value proposition and unique selling proposition are appropriate or there's a need to improve
• Why do product development?

  • Since it is the process of creating designing and bringing a new product or service to the market
  • It addresses market demands and customer needs
  • It leads to business growth and increased revenue
  • It helps businesses differentiate from competitors
  • It encourages innovation and continuous improvement
• Roadmap for product development

  1. Ideation
  2. Product design
  3. Market research
  4. Testing and prototyping
  5. Improvement and refinement
  6. Launch