The steps in product development include identifying new demands and opportunities in the marketplace, conceptualizing a solution, outlining the long-term product plan, and building а Minimum Viable Product.
Benefits of the new product development process
According to Mckinsey global institute data, only 1 out of 7 ideas result in a successful product, and the failure rates for newly launched products are between 25%-45%. Using a structured approach, you’ll stand a greater chance of avoiding any pitfalls resulting in your new product’s failure.
Choosing where to spend your company’s valuable time and resources will be critical to your success. The ability to screen new products and services before wasting resources could be the difference between the nail in the coffin of your career (or business) or a wildly successful product launch.
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