What are some of the product development objectives that you need to achieve? Why is this important to do? Let’s explore more below.
Product Development Objectives
When doing product development, there are various objectives that you need to achieve. Below are some of the product development objectives that you need to achieve.
New Product Introduction (NPI)
This is for a new product and it is where the product will be introduced to the market for the first time. There are three types of product development objectives that you should achieve when doing NPI.
This is for an existing product and it is when the manufacturer will improve an existing product or introduce some changes to it. The objectives of this type of product development should be to improve upon the features and functionality of a product. And also make small changes to it. So, this may involve improving manufacturing costs, reducing manufacturing time, reducing energy consumption, improving performance, and improving profitability.
This type of product development objective involves making bigger changes to an existing product. It will involve making major changes to the design and utility of a product to increase sales or improve profitability, and more. Then, the main reason why companies do this is because they want to come up with new products. Ones that will appeal to consumers who have different tastes and preferences from the current consumer market segment.
This type of development objective can be applied to both new products as well as existing ones. It is where one or more products are enhanced through improvements in their functions, features, quality, processes, packaging. And also other areas to increase their competitiveness vs other products in the marketplace.
Technical Advancement/Product Development
This type of objective involves creating new technology or using new technology in an existing product. This is to create a new or improved version of that particular product.
It can also be done where there are changes made in the manufacturing process or material used in creating a new product. Or even making minor improvements on an old one without changing its appearance etc.
Product Line Extension
This type of objective involves producing more products under an already existing brand name. This is to expand the business’ offerings for customers and increase sales volume as well as profitability etc.
Market Development Objective
This involves producing products for a specific market segment that is not being currently served. And also satisfying the needs of a market segment that can be served to better with a new product or an improvement and more. The main objective here is to gain more market share in that particular market segment.
Reach These Product Development Objectives
As you can see, it is important to reach these product development objectives. To do this, there are various ways to achieve them. Product development is a complex process involving a lot of people. So, it’s not something that can be done by one person or a small group of people.