Quick Jump / Table of Contents
What is Product Development? Systematic decision making related to all aspects of the development and management of a product. A process designed and executed based on scientific principles of management. The process consists mainly in choosing the right technologies and best methodologies to enable an efficient development process. It involves testing and refining; selecting the right skills and equipment for solving the complex issues.
The purpose of Product Development is to fundamentally understand the product, market, and implications associated with long term decisions. It is all for a higher standard and better outcome; a better customer relationship and business efficiency. Product Development involves, technical expertise, customer service, market analysis, and strategic analysis.
Innovation or Invention?
Innovating and inventing are two different things, and when one is done right, it sometimes closes the door to the other. In order to innovate, we must be able to envision and plan ahead. To invent we must first get into the problem, identify its limitations, and develop solutions.
How easily could our solution be displaced? How could a product change? What are the possible consequences?
Ideas must be either desirable for the target market, or be unique in its features. In a product, a good idea is only as good as its execution. The execution is critical to the success of a product. It is the most difficult part of Product Development.
Can we produce it?
Can we sell it?
Functionality is not a value proposition, you need to satisfy the target market's wants and requirements. The products or services you produce must be both affordable and profitable enough to meet these demands. Can a solution scale in its effectiveness over a long period of time? The only way to achieve it on a long term scale is to create a long term plan of execution and improvement.
Key Metrics: What measurable outcomes are we seeking?
Milestones / metrics
What hypothesis are we predicting outcomes for? Including what challenges.
If (Activity), Then (Outcome), Because (Cause or Connection)
Profile the target market (customers)
Competitive Analysis (competitors)
Product, the good or the service of some value
How to bring a product to market:
Due Diligence, Market Strategy, Product Design, Prototype Development, Test Marketing, Software Development, Marketing Entry
Product/Support Life Cycle
How long did things take, what can we improve, how much work did everyone do?
you can’t improve what you can’t measure.