Product development is a creative and interdisciplinary activity that transforms a market opportunity and technological innovation into successful products. Determine all the steps that developing a product includes.
WHAT IS PRODUCT DEVELOPMENT?
- Create a new service, technique or product.
- Offer a simpler/cheaper/smaller version of your (new or existing) product or service.
- Offer a fancier/more expensive/faster/bigger version of your (new or existing) product or service.
- Update your services.
1. Products and Services: Product strategies consist of focusing on a narrow product line, developing a highly specialized product or service, or providing a product-service package containing strangely high-quality service.
2. Promote: Promotion strategies focus on advertising and direct customer communication. Good quality salesmanship is vital for small businesses because of their limited advertising budgets. Online marketing is a cheap, quick, and easy way to guarantee that your business and product receive high visibility.
3. Price: When it comes to maximizing total revenue, the right price is essential. Commonly, higher prices mean lower volume and vice-versa; however, small businesses can often command higher prices because of their personalized service.
4. Distribute: The manufacturer and wholesaler should decide how to dispense their products. Working through established distributors or manufacturers' agents is usually easiest for small manufacturers. Small retailers should consider cost and traffic flow in site selection, particularly since advertising and rent can be reciprocal: a low-cost, low-traffic location means spending more on advertising to build traffic.