Product Development Strategies

Product Development Strategies

In order to keep up with the customers and rivals, organisations need to ensure a steady flow of new products.

If an organisation is aiming to be the first to market a new product, then they will need to invest heavily in research and development which is considered as high-cost and high-risk strategy, but the returns can be massive - especially if an organisation is able to patent the innovation.

TechSci is the ideal partner to help ensure your product’s success from discovery through post-approval. We bring diverse expertise across multiple industries and functional disciplines to provide consulting services throughout the product life cycle. TechSci’s Consultants have broad industry knowledge and an in-depth understanding of global and local market landscapes and regulatory guidelines. We synchronize multidisciplinary services, global development expertise and insight from industry thought leaders to create customized development strategies to meet your needs, from early phase to late stage development.

In order to avoid wasting time, money and business resources every organisation needs a well thought new product development strategy. In a typical new product development strategy we would cover following aspects;

Successful new product development requires a thorough knowledge of your target market and its needs and wants. A targeted, strategic and purposeful approach to new product development will ensure your products fit your market.

  • Identify the target market for the product being developed
  • Understanding market needs
  • Benchmarking product being developed with the existing alternatives
  • Limitations in the existing products
  • Whitespaces to fit the product in the market
  • Concept or product testing survey to understand customer response before launch
  • Understanding media consumption habits to plan marketing
  • Setting deadlines for each stage
  • Identify issues and solutions

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