The product policy is the main task in the product development process. There are some questions that are arriving while we are talking about the development process of the product. What kind of product that does company want to make? What market segments should be offered? How many different product lines that companies accommodate. What should be the brand policy? How should the product be positioned in the market? Should there be individual brands, family brands and/or multiple brands?
Answer to these questions will constitute the product policy of a firm. Lean is the development process tool for the product development to reduce waste in organization. As the efforts cross marketing, research, engineering, purchasing, operations and sales there are the numerous opportunities for the product development effort to stall.
Here James Beeksma shares the Lean Development Process:
- Return on Investment Analysis: It is the initial stage that creates the financial case for developing the product or the services.
- Marketing Specification: The Marketing Product Development Representative will define their requirements for the product or service. This may include:
- Critical dates
- Development budget
- Target market and application
- Performance specs & Functional requirements
- Appearance/Size specs
- Competitors’ products
- Determine field-test sites
- Concept Design: Research team will be handling the concept design era in the product development stages.
- Design Product: After completing the up stages when it comes to the prototype procedures to approve the Sales, Marketing, Costs, and Appearance & Functionality.
- Pilot Manufacturing Run: It is a collaborative effort between Development/Engineering, Purchasing, and Manufacturing.
- Field Test: The Purpose of this test is to find the problems and the Pilot run production prototypes are sent to field-test sites.
- Launch Marketing Plan: Once field testing is complete and the design is locked down, the company is ready to start selling. Provided all the information and technical aspects, the production department will make plans to produce the market. The finance department will provide a good financing plan for introducing the new product.
- Review Product Profitability versus Plan: The last step of the product development process is to evaluate results. This is often overlooked. Many companies accept the results they are getting. The most successful companies evaluate the actual results to their original budget.
Are you planning on developing a product but don’t know how to? James Beeksma helps you get these services, a pioneer in the field, specializing in the Product Planning & Development and Startup Funding. We help to get startup your small businesses and get to a high level.