New Products with a bang 1

After being in the industry

for say 5 years, the company will evaluate their performance and see how well they have fared in the market. If they notice there is a dip in their market share or their products are not doing as well as earlier, it is time to come up with new products or change the marketing strategy being adopted to sell the products. The main objective of running a business is to earn profits and when that goes down, it is time to get back to the drawing board and come up with new creative product designs.

The whole process of product design and getting the design to the production team, and finally out in the market is a tedious process, one that involves a lot to research, time and attention to quality. The product design is where new ideas and the concept are developed. Based on their current product line, and what their survey tells them from the market, they will come up with new ideas. Creating a product that will sell, and have mass appeal is what matters the most. For example, if a company manufactures vacuum cleaners, they will have to come up with innovative product design to make it more interesting.

The product design team will have the ability to take the product from the inception stage till the time it is marketed in the retail stores or on websites. This applies to companies that are new and to those that have been around in the industry for a decade or longer. Intellectual property is also applied in this initial stage, where product design involves copyright and patenting of the same. If this is not adhered to, there are chances of someone else copying the idea and launching a product exactly like yours in the market. Be wary of competitors and unscrupulous employees who might sell you out.

The design is then processed, going through product development, where it is brought to lifeThe vacuum cleaner design is transferred from paper, onto plastic or other material that needs to be used. It is in this stage; the product is manufactured and tested for resistance and effectiveness. Quality check and inspection of the finished product is done without fail to make sure it has complied with all safety regulations. Only when the green signal is given by the final inspection team, will the new product be launched into the market.

As most of us have learnt in marketing

, there are four P’s which form the basis for any company to hold ground and remain unaffected. The first P being the product, which means the product that the company has been creating and working with needs to be one of a kind, if not at least the appearance, utility needs to be apart from the rest of the ones in the market. This is the only way the product will sell, and as time goes, with advancement in technology and growth, new concepts will emerge.