How to Engage in New Product Creation
So you think that you have what it takes to be the next big name in the internet business scene? Do you have some major idea that has yet to be thought of that you think will land you right next to Google, Yahoo and Amazon as some of the top websites on internet? Well, so long as you stick to a relatively rigid set of rules, you will be able to turn that new idea for product creation into big bucks – as long as you are willing to work at it. After all, nobody ever made it rich overnight, lottery winners excluded, so if you hope to make millions, be prepared to fight for it.
When it comes to new product creation, great ideas will only take you so far. There are thousands of retailers online, but only one Amazon. Likewise there are hundreds of auction sites populating the World Wide Web, but even all of them combined only have a fraction of the traffic that eBay does. So, having a great idea for a new product creation is great as long as you know how to make the most of it and be sure that it fills a niche that needs filling.
The first thing that you should do with your idea for a new product creation is to do some research about it. Has someone thought of it before you? Is there actually a market that you can sell your new product creation to? Those are questions you should be able to ask yourself before you take your new product creation online. Once you are sure that your idea will be a big seller, search around for the proper place to market it. If your product would be better sold through a major retailer, contact Amazon and all of the other major online retailers and see if they will pick it up. On the other hand, if you are offing a service, you would be better suited creating your own web space as a platform to market it from.
The Stages of Product Development
There are several stages of product development that will need to be completed before a product is introduced to the public. Many products that do not make it through these stages are either refined or discarded with new products taking their place. The first stage in product development is to recognize the need for something. Marketing research, polls, watching current trends, and other methods are used to see how popular a product would be if needed or requested by the public. Companies and manufactures do not want to spend money on a product if it will not be profitable.
The second stage in development is finding ways to build the product. This step involves financing and product development departments. They will try to find ways to create a product as inexpensively as possible and still make the product appealing to consumers. This stage will take the longest because many ideas will be discussed and combined to form the final design. At this stage a prototype will be created.
The third stage in product development is how to market the product to the public, how to manufacture the product, and where to sell the product. Once these issues have been resolved, the product is manufactured. This is an exciting time in development because the ideas are coming together and hopefully a lot of money will be made. Once a product has been out on the market for a few weeks, the sales are tabulated and changes are made if necessary. This is one of the final stages of product development. If changes need to be made, they are done quickly so that consumers can buy the product and the company can make money. It is usually during this stage that products are kept or discarded in the hopes of finding a more profitable product to sell.