Developing New Products and Services

New products and services are the lifeblood of all businesses.  Investment into the development is crucial to business growth and profitability.  Planning and organization need to be done carefully.  Understanding the products and services life cycle, so you will know when to begin the development process.  The life cycle has five steps.  Development, Introduction, Growth, Maturity, and Decline.  Identifying where products/services are in their life cycle is central to your profitability.  Effective research into your markets and competitors will help you.  Develop your ideas, because there is a lot a stake when developing your new products and services.  The clearer you are about your plans, the better you can analyze the risks involved.  Your products/services should match the market needs.  Discover what those needs are and meet customers' needs and offer better than the alternative offered by competitors.  Establishing a pricing strategy for new products/services.  The movement you decide to take an idea forward, consider the pricing.  An effective development process for products/services should be divided into key stages.  Idea generation, Idea distillation, Concept definition, strategy analysis, Concept development, Test marketing and finalizing the concept, and product launch.  Make sure you have a dedicated team to assist you.  Developing new products and services is an inherently risk process.  Always plan any investment carefully and strictly controls your cost.

Source: infoentrepreneurs.org/en/guides/develop-new-products-and-services