How you develop your product?
Delivering a product is different than developing a product. The former is to deliver a product to a customer and the latter is the creating of new product prior introducing to the market.
How does your company develop its product and what approach do you think is best for your business?
It is very big question and you write me detail about your products then only appropriate solutions might be provided .
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Devloping and delivering both are vast topics and different from each other.
Market research and devlopment agencies can provide your 7 P' s applications for product enhancement with quality,quantity,packaging,promotion,perfection,positioning,priority,price,place.
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The most modern approach to product development AND product delivery is found in the lean movement. Books such as the "The Lean Startup" by Eric Ries and "Startups Owner's Manual" by (Erics investor) Steve Blank go through an iterative approach of finding product market fit.
Do a good SWOT analysis of your product assessing your competitors and their pricing. If you do that well you will see obvious USP's you already have or niche ways to develop going forward.
We develop our products from the customer backwards. First we define need, then we define a product to fit the need and then we create a business plan to check commercial viability. Its not tough to dream up products customers would want, its not tough to find distribution but it is tough to be commercially viable at the same time.
Within your industry, product development is part of what I already mentioned in other asnwer regarding developing sustainable competitive advantages. Maintaining competitiveness depends on developing new products that satisfy the everchanging market demand, the faster and most innovative the better.
Necessity is often the mother of invention, so I look for something that I want but can't easily get. Either because its too expensive, doesn't exist or doesn't work quite how I want it to. Ideally the product will fall into the General Purpose category. When it does then I will develop it as a product for general sale or license its manufacture out.
It depends upon the type of product. But generally product development should come from a bottom-up and top-down approach. This means understanding what are the market gaps, the opportunities that are not yet addressed for consumers.
Then you must look top down by assessing if your company has the capabilities to develop and produce such a product. Start with concept development and identifying manufacturing and raw material needs. This will allow you to do rough costing and determine if the end product will be economically viable. Then look at how you can incorporate any IP (Intellectual Property), which often helps to insulate the product from competitors and differentiates the product.
Really successful products are highly differentiated and define Market Makers. I would suggest that you read this article: http://www.abundasolutions.com/pdf/innovation_drives_profit.pdf
Developing products is first and foremost about understanding what your target market wants and/or needs. We carry out regular research with our clients and prospects to understand their buying processes, what they are looking for, where their pain is, what they need, then we try to design products and services that can address them. Any other approach is simply a set of assumptions that what you think is the best thing since sliced bread will be similarly received by your prospects!
Wow, this is a really great question. For me, in my business, my team has spent a couple of years beta testing ideas to see if they work before a launch. Have I done this always, the answer is no. I've bootstrapped my marketing and branding and labeling of my businesses - and adapted and modified for the years I've been in business. And with the market changes, especially in this market, you have to adapt and change constantly your services and your products for the needs in whatever niche you serve. You are correct when you say delivering a product is different than developing a product. But frankly if you want the product to work, both are required. The level of what you do in each part [the development or the delivery] is determined on what the product is. This is an area that every business owner has to pay attention to. Some do, some do not. What matters is knowing what it takes to do both for your business, which means knowing your business well enough to take the time to do one of them to see if your idea of a product is even feasible. I say this because in my days, I've been all over the map on this, and made a lot of mistakes to gain knowledge and experience. Is any of it right? is any of it wrong? The beauty of your question is that it is important to understand that we creative minds all think differently and once you get experience - then you learn that maybe it's a good idea to beta test a launch first. Sometimes instant gratification can break the bank while waiting during a beta test model can bring forth a lot of results with minimal cost. Yet sometimes it takes a hammer to learn this strategy over time. Yep! That's my experience over my lifetime of development and delivery of a product.