Q. Factors affecting development of a new product?
The product development and marketing is not just selling a product, but is a highly multi-disciplinary domain comprising of technology, management, packaging specialized product positioning, regulation, advertising, promotion, distribution, infrastructure support, pricing and customer feedback.
The product should create an image that is consistent with what it can deliver to consumers. The right image is most essential to match consumer's expectation from the product.
Some elements that must be considered for product development are listed below:
• Emerging trends: recognizing trends as they emerge, a number of demographics, social and economic factors must be reviewed.
• Product quality, including taste and texture: the product design must conform to the expectation of the consumers with regard to its sensory qualities.
• Flawless execution: even the best product will fail if positioning, packaging or marketing is flawed or inefficient.
New product development is a proactive process. Products should be fully conceptualized before actual product development is undertaken. The industry not only has to take care of the sensory attributes like appearance, taste, aroma of the product but also has to look into the important issues of manufacturing, retailing and marketing along with the development. Research and development of any organization plays a pivotal role. Research and development involves a broad spectrum of activities of planning, organizing, developing and offering reactive, as well as, proactive solutions.