Previous

Page - 5

The Process

Many organizations have product research methodologies that provide a standard framework for planning and managing development efforts. If your organization doesn't have one, you should consider using something like this one.

There are several stages in the product research process: -

Idea Generation

The ideas for new products obtained from customers, R&D department, competitors, focus groups, employees, or trade shows. The formal idea generating techniques include attribute listing, forced relationships, brainstorming, morphological analysis, problem analysis and early, rapid prototyping.

Idea Screening

This involves eliminating unsound concepts. One must ask three questions:

1. Will the target market benefit from the product ?
2. Is it technically feasible to manufacture the product?
3. Will the product be profitable ?

Concept Development and Testing

This step includes developing the marketing and engineering details:

1. Who is the target market ?
2. What benefits will the product provide ?
3. How will consumers react to the product ?
4. How will the product be produced ?
5. What will it cost to produce it ?

One should also test the concept by asking a sample of prospective customers what they think of the idea.

Next

* Contributed by: -
Vidhu Goyal,
Graduate from IMT Ghaziabad, Batch of 2006,
Currently working with Max New York Life in Gurgaon.