New product research and development process

The process of researching and developing new products is always carried out carefully and thoroughly every time a business prepares to produce a product and launch it on the market. Product development needs to be carried out through many different steps. Through this article, NOVA Media will summarize the steps of product research and development of a business. 

New product development is a necessary activity for any business, whether it has been on the market for many years or is about to appear. Research and development of new products does not make old product lines competitive or obsolete as many people mistakenly believe, but on the contrary, this process brings more benefits than anything else.

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New product development is a necessary activity for any business.

Product research and development process before market launch

Researching and developing a product before launching it to the market is an important step to help businesses minimize risks and increase their chances of success . This process not only ensures that the product meets customer needs, but also helps businesses position themselves in the right market, optimizing production and marketing costs. Below are the steps to research and develop a new product before launching it, helping businesses prepare more thoroughly for their projects.

Market research is the first and most important step in the new product research process. Understanding the market helps businesses identify customer needs, trends, and competition.

The first steps of market research when developing a new product help businesses understand the desires and requirements of their target customers, and grasp the business activities of their competitors. From there, they can orient their product and service development in a more optimal way.

Once you have an overview of the market, the next step is to develop product ideas. The ideas should be based on real needs and the competitive potential of the product in the market.

For new products, businesses need to collect opinions from the product development team, experts and groups of potential customers to create new ideas. Based on these ideas, businesses conduct assessments of the feasibility and value that this product idea brings to customers. Some ideas may be very optimal and useful to consumers, but beyond the implementation and production capabilities of the business, they also need to be carefully considered and evaluated. Businesses need to check the feasibility of the idea, carefully consider factors such as their resources and production costs to evaluate the idea in the most positive way.

Developing new products requires and selecting and unifying ideas to help businesses create products that meet real market needs. At the same time, it helps optimize business resources when implementing products.

New cake line of Bao Minh Cake Brand

After synthesizing and selecting ideas, businesses need to create product prototypes . This is an important step to realize the idea into a real product and conduct testing and evaluation .

The product will be designed through detailed drawings, 3D simulations, determining full dimensions, materials and structures... The enterprise will rely on these designs to produce prototypes, test the functions and designs of the new product, ensuring that it meets all the set criteria, addresses consumer needs and achieves the best quality. This prototype will undergo many rigorous testing steps to test for durability and quality.

Prototypes of new products will help businesses test the actual features of the product before going into mass production. This is an important step to help minimize errors and risks for businesses when researching new products, before entering official production.

New products will be prototyped and thoroughly tested before being mass produced.

Product testing is the next step to ensure the feasibility and practicality of the product. Businesses need to collect feedback from potential customers through real-world testing.

First, the company's departments and employees will conduct internal testing of new products, checking the quality, performance and safety of the products in a simulated environment. Next, the products will be sent to a number of customers for trial use. The company needs to collect reviews and feedback from this group of customers, complete the actual testing step and plan to improve product quality based on these contributions. The new product research and development department can adjust the design and features of the product to best suit the needs of customers, addressing their reviews.

Testing and inspection is a rigorous process and requires listening to feedback from the business. When this process is done well, the business will be more assured of product quality before launching it to the market, optimizing the product based on user reviews.

After completing the best version of the product, the business needs to build a marketing strategy and sales plan to bring the product to the right target customers.

Choose the appropriate distribution channel, depending on the target customer and product features. Current distribution channels include online channels, retail channels or distribution partners. Businesses need to create a detailed marketing plan, including factors such as SEO, social media advertising, email marketing or other marketing methods... to ensure optimal marketing activities and bring the best results.

In addition, the product pricing process also needs to be carried out based on production costs, markets and target customers. Determine the appropriate price when the product is retailed to customers and distributed through partners.

Planning a marketing and sales strategy is an important step to increase brand awareness, help products easily reach customers in the market, and ensure sales when the product is launched

Once everything is ready, this is the final step of the new product development research process: product launch . At this point, the business needs to ensure that each stage of preparation is completed and ready for the launch campaign.

A form often applied by businesses when announcing a new product for the first time is to organize a launch event. The event can be organized online, via livestream, post, video, or organized directly to attract attention. When the product is launched on the market, businesses need to closely monitor market reactions, evaluate customer feedback and understand important indicators such as sales, visits and interactions on platforms... Based on that, quickly adjust the product or marketing strategy to optimize the results achieved.

A successful product launch will make a strong impression on the market, create excitement and curiosity among potential customers, and promote their purchasing behavior.

New products after completion will be launched on the media.

Lien Hoa Chi is a business in the traditional tea industry, and has researched a new product with NOVA Media - Red Ginseng Lotus Leaf Tea. The product has received a lot of positive feedback from customers, achieving Certification from local and domestic cooperatives.

Lien Hoa Chi's Red Ginseng Lotus Leaf Tea

After working with Nova to re-plan the New Product Development Strategy and Brand Identity Communication, Lien Hoa Chi distributed more than 11,000 Red Ginseng Lotus Leaf Tea products in the first 3 months of launching to the market, with more than 3,900 visits to booths at fairs and exhibitions. The brand achieved more than 3,000,000 reach and 10,000 interactions on Online Communication Campaigns, maintaining more than 2,000 natural interactions on each article.

The research and development process of new products before launching them on the market is a decisive factor in the success of the product. By carrying out the above research steps, businesses can optimize the launch process, minimize risks and increase competitive advantages. SEFA Media, with more than 9 years of experience in building and accompanying many domestic and foreign brands, will help businesses develop new products , increase revenue and create a position in the market.

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