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Mastering Product Development: Strategies and Risks

Learn the fundamentals of product development, from market research to test marketing, and understand the risks involved. Explore the importance of the 4 P's of marketing mix and key considerations in product design, functionality, packaging, range, and consumer choice.

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Mastering Product Development: Strategies and Risks

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  1. Marketing - Product Business Management

  2. Learning Intentions By the end of this lesson you should: • Understand what is meant by Product Development • Know the different activities that can take place during product development • Be aware of the risks associated with developing a new product

  3. Starter Answer the following questions in your jotter: • Outline the 4 P’s of the marketing mix. • Why are each of these important to a business?

  4. What do we have to think about when deciding on a Product? • Design • Functionality • Packaging • Range • Choice for consumers

  5. Product Development Every business will have to be innovative and creative to ensure they always have goods/services that satisfy their market. Before a product becomes available in a market it has to go through development. During this process there are a number of activities that companies will have to go through.

  6. Product Development • Market Research – find out what the customer wants • Ideas begin being generated based on these findings • A prototype (model) of the product may be created • Test Marketing – customers get to try out the product and give feedback • Changes might then be made • The price will be decided • The place the product is being sold will be decided • The methods of promotion will have to be decided

  7. Product Development - Risks There are a number of risks attached when developing a new product: • Customers might not want/like the new item • Money invested would be wasted if consumers didn’t buy it • Reputation could be damaged if a product is released that is poor quality • External factors (PESTEC) could affect the success of the product launch – competition, economy, etc.

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