new product development process presentation

Guide to the Stages of the New Product Development Process

If a company is growing, their products are evolving. That evolution can look different for every company whether it be a product update, rolling out new features, or new product development. In any case, there are a lot of moving parts to get the new release out the door and in the hands of the right consumer. 

The new product development process typically consists of several stages that guide the progress of a new product or feature. From ideation to launch teams are brainstorming, conceptualizing, and testing ideas to bring a new product to life. Staying organized and on track with the development process can be the difference between a successful product and one that flops.  

To help teams put their best foot forward, we compiled a comprehensive guide to the stages of the new product development process and the Beautiful.ai presentation templates that can help you along the way.

The stages of the product development process 

Below are the seven stages of the new product development process, and presentation templates to help keep teams organized in their efforts.

Idea generation

Everything starts with an idea. The brainstorming and planning stages are where some of the best products are born. Things like market research, customer feedback, or internal innovation processes can all influence new product ideas. 

Keeping the ideas in one place can help teams track what’s already been suggested, explored, and scrapped. A presentation template, like our feature planning template , is a good place to start when mapping out ideas. The customizable template can help teams reference ideas, communicate timelines and deliverables with key stakeholders, and get feedback from internal teams or product users before an idea is moved into next steps. 

Idea screening

You’ve heard the saying, “no idea is a bad idea.” And while that’s true, only some ideas will come to fruition. In this stage, the ideas from a brainstorm are evaluated and screened based on various criteria such as market potential, feasibility, and alignment with the overarching business goals. What ideas make the most sense for the brand? That’s decided here. 

Beautiful.ai’s product roadmap presentation template is a great deck to help bring your vision to life. Tailor the deck to pitch your top ideas to key stakeholders, or showcase the timeline of ideas that made it past the initial screening. 

Concept development

Your idea made it through to the next round, now what? After an idea is accepted, it’s further refined into a rounded out concept. The conceptualization involves developing a clear description of the product, its features, and the key benefits. This helps to ensure product teams are on the same page before they devote time and resources to the design. 

Product design

Now you get to see your idea come to life. In the product design stage, you’re creating the blueprint of your new product or feature by way of technical specifications, materials, and aesthetics. Some teams might opt for a design sprint to help get things moving in production. 

The design sprint process answers critical questions through design, prototyping, and experimenting with new ideas with clients or customers all within a five day period. Teams can reduce the risk of bringing a new product, service, feature or design to the market with Beautiful.ai’s design sprint presentation template . 

Prototype development

After you’ve nailed the specifications of your product or feature, you can develop a prototype. A prototype is a working model or sample of the new product. Having a tangible product allows teams to test and validate the design, functionality, and user experience. Feedback from the initial prototype will shape what the final product will look like after revisions are made. 

Every product and feature needs ample testing before it hits the market. The next stage in a new product development process is testing the product prototype in real-world scenarios. This includes conducting user testing, gathering feedback, and making necessary improvements to ensure the best quality and usability. 

Product development teams can use Beautiful.ai’s customizable usability testing or QA testing presentation templates to observe, analyze, and troubleshoot a new product. A successful testing presentation can help internal teams understand which aspects of their product or service are resonating with users, what has room for improvement, and what issues need to be addressed prior to the launch date. 

Launch and commercialization

Once you’ve sailed through the first six stages of the new product development process, the product is deemed ready for the market and it’s time to ship it. When the business is ready for launch, they’ll need a strategy to loop in marketing, distribution, and sales. The ultimate goal once a new product or feature is live is to generate awareness and drive adoption.

A product launch presentation can be used to help get your new product off the ground and into the hands of the consumers as seamlessly as possible. Teams can strategize how and when to launch their new product, and communicate that through Beautiful.ai’s deck.   

Jordan Turner

Jordan is a Bay Area writer, social media manager, and content strategist.

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New Product Development - The 7-Step Process Explained

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Delivering innovative products can help you gain a competitive advantage, but maintaining that advantage requires continuously delivering new products that keep pace with your customers' evolving needs. New product development is the key to building and keeping market share and customer loyalty.

What is new product development?

New product development is the end-to-end process of creating a product that has never been brought to market—from idea to concept, prototyping, developing, testing, and launch. It involves building a product strategy and roadmap to successfully guide cross-functional teams and stakeholders through the entire process.

Unlike product enhancements and upgrades that modify and improve existing products, new product development addresses the unique challenges of designing and delivering brand-new products. This article discusses the seven stages of new product development, some challenges Agile teams face along the way, and how you can succeed.

The 7 stages of new product development

Successful Agile software development takes careful planning and good project management practices . The seven stages of new product development guide you through the process by breaking the work into stages or steps.

1. Generating ideas

Every new product begins with a problem and ideas to solve it. Ideas may come from within the company, such as the customer service team, or from outside via customer and market research. In this phase, it's important to gather all ideas without discrimination. The more ideas you can brainstorm, the better.

Products such as Jira Product Discovery help product teams structure the chaos of prolific ideas. Ideas can be supported by data, customer feedback, sales input, support tickets, and more to help shape what the product team should focus on, creating ongoing feedback loops. Idea generation is most effective as a team activity with the outcome of developing the essential elements for a new product. 

To help you prioritize ideas, methods such as a SWOT or Competitive analysis take the guess-work out of the process. When generating ideas, having a clear understanding of where opportunities exist and knowing how the competition stacks up can lead to brainstorming disruptive and game-changing ideas.

2. Screening ideas

Agile teams can use Jira Product Discovery matrixes to view a large number of ideas, using criteria such as impact, effort, and confidence level before scoring and selecting which ideas to move into the next phase. Gathering and organizing product ideas in a centralized tool makes it easier for product teams to prioritize which ideas or features will drive the most impact.

Scoring ideas by product development effort versus the overall impact of the solution is an excellent way to focus on those with the most impact. The SWOT and competitive analysis templates from step 1 can provide the foundation for where to place priorities. 

You can also identify good ideas that are simply not right for this new product but may be suitable for future products and the goals of the team. Screening ideas can be difficult, but aligning each good idea to your goals and comparing its impact to other ideas will help identify the most impactful opportunities.

3. Creating a product strategy

After selecting ideas to develop into a new product, it's time to create your product strategy. This is a concise definition of the need that the new product meets. A good product strategy includes the vision, target market or user, position in the industry, features and benefits, and the value the new product brings to the business. This phase involves creating a clear definition of the requirements.

Confluence offers a strategic plan template that can help you refine your strategy messaging, remove ambiguity, and clearly communicate the goal. From here, the Confluence requirements template walks you through the process of outlining your objectives and success metrics, listing assumptions and options to address them, and adding supporting documentation. These efforts include prototyping and validating with customers, ensuring the product being built will be something that customers actually want.

4. Building a product roadmap

A product roadmap is an action plan. It outlines product functionality and release schedules and helps you manage new product development. Think of the roadmap as the core communication tool for short- and long-term efforts that align with your business goals. It's a shared source of truth for a product’s vision, direction, priorities, and progress over time. Creating a great product roadmap keeps your entire team working together and moving in the same direction. They also make it easy to check in on the work at any time throughout the product development life cycle.

Product teams using Jira Product Discovery can then share their product strategy using always-up-to-date, custom roadmaps to present which ideas will be built, when, and why.

5. Prototyping

Time to market is critical for new product development, and your ability to rapidly prototype and develop products ensures viable solutions. Jira Product Discovery’s integration with software development tools like Jira Software makes it easy to seamlessly connect your entire software delivery lifecycle.

Defects and change requests are simply a fact of new product development, but concise tracking and issue management keep everyone on your team informed, organized, and on schedule. Testing can span both internal quality assurance (QA) teams as well as customers and end users engaged in alpha, beta, or user acceptance testing. Jira Software is the leading tool that Agile teams use for testing, in part because it optimizes the QA workflow by writing and managing test scripts, tracking test cases, and managing defects. 

The product roadmap template from the previous step, along with other Confluence project planning templates , also inform testing and help ensure you miss nothing.

7. Product launch

You only get one chance to make a good first impression, and launching a new product requires careful planning and delivery. Every step in the process is a building block to a successful launch. Confluence’s product launch template helps ensure a smooth launch.

Additionally, sales and marketing, HR, and legal teams are already using your product strategy and roadmap to align messaging, identify opportunities, and ensure regulatory compliance. Using Jira Work Management , they can seamlessly connect their work with the product team’s. It provides a streamlined UI and integrations with the tools they use daily, such as Gantt charts and spreadsheets.

4 main types of product development

There are four types of product development, including:

• New product development : These are products that haven’t been released in the market before, such as software applications that solve new or novel customer problems. 
• New product categories : These products may not be new to the marketplace, but they are new to the company developing them. For example, a software company may expand their offering to include products within the category they currently develop, such as adding tax accounting to their portfolio of personal finance applications. 
• Product line extensions : These expand the products offered within the organization’s existing range of products, such as adding new industries within a category. For example, a company may develop accounting software for the construction industry and decide to extend their accounting software to the airline industry.
• Product enhancements : These are new features and capabilities within existing products. Companies generally design them to provide customers with new or added value. Enhancements respond to changes in the market, performance issues, or new competitive products. 

Example of new product development

Whether creating a new product that hasn’t been seen in the market before, or expanding an existing application to address new geographic locations, understanding the time it will take to develop is essential. 

Jira Software insights help teams make data-driven decisions based on their own historical progress. Insights can come from every aspect of the product development process and provide continuous improvement opportunities with each new product development project.  

3 challenges teams encounter in the new product development process

Great tools can help alleviate the challenges of new product development. Understanding these challenges and how to address them can keep your team on track for a successful launch.

1. Defining clear requirements

When speed is important, the requirements often become an ironclad set of instructions. While clear requirements are necessary, Agile teams must have a shared understanding of and empathy for the customer. Include various members of your team in requirements-gathering activities, such as customer interviews. When designers, developers, and QA share an understanding of user stories, they can produce results more quickly and accurately without maintaining rigid rules.

Confluence’s requirements template gives you the power to capture and update assumptions, use cases, UX design, and scope together.

2. Estimating the development effort

Working with realistic project timelines is essential for bringing new products to market and gaining a competitive advantage. However, product development tasks are notoriously difficult to estimate, and new product development can be even harder. Break work into smaller tasks for more accurate estimates. In addition to giving you more flexibility with resource assignments, smaller tasks minimize the impact on your overall project when something takes longer than expected.

Many Agile teams have switched from traditional estimates to story points—units that measure the effort teams require to fully implement a user story. A user story is an informed explanation of a feature from the user's perspective. With Jira Software, Agile teams track story points, reflect, and quickly recalibrate estimates.

3. Siloed tools

Collaboration is a critical component in your team's success and the success of their products. Development teams use a variety of specialized tools, such as visual design tools for creating mock-ups and instant messaging apps for hosting team discussions. No single tool can provide the specialized functionality for all the needs of the development team. Jira Product Discovery and Jira Software integrate with a wide range of specialized development tools to easily collect and incorporate important information.

How long does new product development take?

The time to develop a new product can vary widely based on the complexity of that product. For example, developing an application that securely processes credit card payments may take magnitudes longer than developing software to track exercise statistics. But a few tips can help reduce the time to market while maintaining quality. 

Expert tips from Atlassian for new product development

Understand the customer.

Begin with the customer’s needs in mind. The time you spend early, interviewing customers and gathering input, helps create a clear product strategy. The entire team should understand the problem they are solving for the customer. It will keep the team on track when they make decisions during development. 

Foster team collaboration

When the team has the tools for seamless collaboration, generating ideas, prioritizing issues, and solving problems is much easier. Today’s product development teams include a wide range of cross-functional roles. The best way to prevent silos and keep the team working together is with collaboration, respect, and genuine appreciation for each other’s contributions. Centralized tools such as Jira Product Discovery and Jira Software help foster this.

Define the requirements

A good product specification outlines the purpose, what the client needs the product to do, the technical and functional requirements to achieve that, design mockups, and even release plans. This foundational document takes time to create, but it helps teams refine and clarify fuzzy requirements and align on the scope of the project. 

Optimize resource allocation

Resource allocation is among the hardest aspects of new product development, so the roadmap must be well-defined before you begin. Understand the tasks included in the project, their dependencies, and the resources required. Visual workflows can help teams identify when you underutilize or overcommit resources. They can also highlight bottlenecks and roadblocks to allow teams to quickly adjust and stay on track. 

Jira makes new product development easier

Jira Software provides success tools for new product development teams to collaborate on and manage work from idea to product launch. Agile teams have made Jira the leading solution for new product development.

Jira Product Discovery is a dedicated tool that aids teams in crucial stages of product development. It helps Agile teams gather and prioritize ideas and align everyone with product roadmaps. 

With Jira Product Discovery matrixes and criteria, you can easily select which ideas to move ahead with, enhancing the experience of product development.

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Product Development

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How do you stay innovative and grow in a competitive market? Effective product development allows companies to sustain, grow, and thrive in both old and new markets. In this article, we'll explain what Product Development is, how to use it, how to customize our template to develop your own product, and if you watch until the end, you'll learn how Nike uses Product Development to beat the market. Our Product Development framework is useful for aspirational product developers who want to learn the product development process and for seasoned product managers who want to improve workflows with additional tools. The customizable template includes some of the best Product Development tools available today, such as Stage-Gate Process, Product Life Cycle, Product Dimensions, Growth Strategies, Scoring Models, and 25 other tools. Read on for a breakdown of how some of these tools can be used to develop a unique and innovative product.

While new product development is the process companies use to stay competitive and innovative in a crowded market, the risk of failure is high. But with the right strategy, a product manager can streamline the process with an emphasis on the creation of value for the customer.

Slide highlights

Stage-gate process.

The stage-gate development process, also referred to as phase-gate development, divides the product development process into different stages. Each stage is separated into decision points that inform the following stage. This slide provides a step-by-step guide that can be used for each new product. For instance, the initial idea for a product is followed by a preliminary screening gate. This gate determines whether or not a product manager wants to move forward with the development process. It's important to conduct market research and competitive analysis here before the project proceeds.

If it passes the preliminary screening, then the team moves forward to the preliminary investigation stage. The preliminary investigation stage is where the team decides what the development process will entail. If this is approved through a second screening, the next stage is to build a business case. Once a decision has been made on the business case, then it's time to move forward to the stage in which the product is finally developed. After a post-development assessment, the PM decides if it's ready to test and validate. After this validation stage, a post-launch review is conducted to decide if the product is ready for launch. (Slide 7)

Product life cycle

All products follow a similar life cycle. There's an initial introduction period, followed by a period of growth, then maturity, saturation, and possible further development. It's important to pay attention to the revenue curve, as its peak will determine the change from maturity to saturation, which can lead to three common outcomes. Worst case scenario, once revenue reaches its peak, it will either lead to the end of a product's life or a contraction in the product's market. On the positive end of the spectrum, new features could lead to a stage of renewed growth that extends the product's lifecycle. (Slide 10)

Product dimensions

A new product should always provide a customer with unique benefits to differentiate it from the competition. There are three main dimensions to every product. The first dimension is the core product in development. This is surrounded by a second dimension of core customer benefits, which are features or services the product provides to the customer. These could be the product's design, packing, quantity, functionality, or even branding. The third dimension is the extended products or services. These could be product-related services like step-by-step tutorials, payment terms, construction and installation, or free delivery.

For a company like Amazon, delivery is a core benefit rather than an extended service, while delivery from IKEA is an extended service as it's secondary to IKEA's core product of build-it-yourself furniture that customers select in-store. (Slide 12)

ABC analysis

ABC Analysis can be used to analyze revenues over a company's range of products. Plot each product in one of three ranges according to the product's volume of revenue share. In this example, only three products (according to the X-axis) in the A range account for over 60% of revenue (according to the Y-axis). Meanwhile, five products in the B range generate 30% of revenue, while 12 products in the C range generate only 10% of the revenue. When a PM determines the importance of each product range, efforts can be increased and directed towards products that provide maximum value. (Slide 14)

Having a great product that delivers the right value to customers is a good starting point. But then what? At what price point should you sell the product for? And how do you scale and grow the product? There are five main types of pricing strategies that can be used for a new product. Premium pricing can be used to price a product above current market value to generate more revenue, while price skimming takes a high introductory price and lowers it over time. The less price-sensitive will buy first and other customers will buy-in later at a lower price. Penetration is used to enter the market with a lower price point and then attract as many customers as possible to later raise the price. Freemium provides a free version of a product with additional features that must be paid for, either with a paid version or from ad revenue. Promotional pricing provides temporarily lowered prices via flash sales or discounted entry offers that revert back to the original pricing after a set date. (Slide 16)

Innovate and diversify

The product innovation process is used to improve an existing product in an old market. An example of this would be a smartphone that comes out with a new model that has additional features every year. Products can be analyzed to identify pain points to generate new ideas that are then incorporated into the product development process and introduced to the market as a new innovation. (Slide 20)

Product diversification optimizes growth and revenue. Companies can overcome market stagnation and become more "bulletproof" against market swings through the diversification process. For example, risk distribution helps a company put all their eggs in one product basket. It's also a practice to expand from the original market for a product. It can be used to increase sales of an existing product line and is especially helpful if your business has already experienced the decline or stagnant sales that come after market saturation. (Slide 21)

To determine the type of diversification strategy a product dev team should go over, you can refer to this table and assess each entry's strategies, advantages, disadvantages, and the associated time, cost and risks of each. (Slide 22)

Airbnb business case

What does that transformation look like in action? In May of 2015, Airbnb had a process problem. Designers had to wait on engineers to write code to visualize mockups on-screen, while engineers had to wait for researchers to validate a product, only to learn some of their fundamental assumptions were off. This approach used research as a validation tool and lacked true engagement between teams at the earliest stages of the process. Their product designers, engineers, and researchers operated in a functional capacity instead of a process-oriented one.

Through a collaborative BPR process, the 300-person product team spent nine months to entirely revamp the process to improve efficiency and capture more value. They created a single digital collaboration environment where designers and engineers could work together in real-time to update and redesign prototypes. This took a process that used to take days for product revisions and reengineered it to take 45 minutes. In this instance, Airbnb used IT to streamline their systems, change management to coach the team through a nine-month whole system redesign, and changed their internal value chain to prioritize outcomes instead of features. And they incorporated the research team early into the process so the design could be iterative, streamlined, and tested early to achieve the best results.

This process orientation ultimately made the product team more lean, holistic, team-oriented, and autonomous as workers knew they could trust each other since the digital platform showed all updates and data in one place. If your current workflows are holding back more profitable outcomes, you need this presentation. Download the Product Development presentation for more slides on Gap Analysis, benchmarking, value chain analysis, and top BPR strategies, plus many more to save time and hours of work.

Customer satisfaction

In a customer-centric product development approach, customer satisfaction can be visualized with the Kano diagram. The Y-axis on this graph is the level of enthusiasm (or delight) that customers feel, while the X-axis measures product features from fully integrated to absent. It can also be used to measure features from basic to advanced. If a product doesn't have a ton of features and is somewhat satisfying to customers, it is considered basic. If it's adequate and pleases consumers, it could be considered a value buy. If it has high satisfaction and some special features, it could be a performance product. While a product with very advanced and comprehensive features that are considered delightful by most customers then it's likely a premium product with a cult following. (Slide 24)

Growth strategies

Ansoff's matrix, also known as the product/market expansion grid, can be used to plan product growth strategies. Diversification and marketing strategies are separated into related and unrelated technology groups. Related means there are synergies between new and existing products, while unrelated has no such synergies. For instance, a phone company that develops a camera would be a new related product with synergy to the company's existing product, while an example of an unrelated product would be a taxi service that launches a new shoe brand. (Slide 25)

Target costing is another growth strategy related to getting the right price point to attract the most people. You want to be in the middle with an adequate mixture of benefits and price. Determine target costs, how target costs are split, and finally decide the target cost. (Slide 26)

Scoring model

At the end of the product development process, it's time for an evaluation via a post-launch review. Assess different areas of a product's development, how they did or didn't benefit the company or impacted the customer and retailer relationship. Other questions to ask are how much is the company lagging behind or exceeding its competitors because of this product? Or how is the company adhering to regulatory compliance and environmental regulations?

The scoring model ensures each category can be weighted to what a company's main values are. For instance, the company's business needs, competitive advantage, and customer happiness could be the most important so they have a higher weight on the score. Once the weight is assigned, score each category from 1-10 on how well the company has met its criteria being evaluated. The end score will show where the team succeeded or where the product needs to be improved. (Slide 28)

Nike business case

Founded in 1964, Nike has maintained market leadership because of its attention to customer needs and its success in new product development. Founder Phil Knight says "Nike is a marketing-oriented company, and the product is our most important marketing tool." Nike uses a version of the stage-gate process as part of its product development process. The company's first stage is idea generation. At this stage, companies have a choice to source ideas internally or externally. Knight says "We used to think that everything started in the lab. Now we realize that everything spins off the consumer." Nike engages with customers for product ideas, whether it's through shoe design competitions or direct feedback through its websites.

Second in the process comes idea screening . Nike uses a creative team of 75 product designers to sift through ideas and determine which shoe will most improve athletic performance. After idea screening, Nike implements concept development and testing. Here, Nike seeks customer reactions about their product ideas and conducts market research. Product teams determine whether the shoe will be accepted in the market. If not, alternative shoe ideas are tested. A marketing team then develops the promotional strategy.

Once the concept and marketing is approved, Nike conducts business analysis to ensure the product is in line with its long-term objectives. Analysis of expected sales and budget outlook is also conducted here. If a shoe passes this gate, it is finally ready for development and Nike's R&D department goes to work. After development, Nike conducts marketing tests with a limited number of the final products, and if all goes to plan, it's ready for mass commercialization. Most of Nike's time and energy goes into preliminary screening and testing stages to ensure every product is fit for the company and won't be a waste of resources.

If you want to develop successful products like Nike, you need this presentation. Download the Product Development presentation for more slides on Influencing Factors, ABC Analysis, Innovation, Customer Satisfaction, and Product Marketing to save time and hours of work.

• Product development process: The 6 stag ...

Product development process: The 6 stages (with examples)

The product development process is a six-stage plan that involves taking a product from initial concept to final market launch. This process helps break down tasks and organize cross-departmental collaboration. Find out how to implement a process of your own.

Product development is both an exciting and difficult endeavor. From initial ideation to research and prototyping, no two product launches are the same. However, there’s a general process that can help you get started with the product development process. 

The product development process describes the six steps needed to take a product from initial concept to final market launch. This includes identifying a market need, researching the competition, ideating a solution, developing a product roadmap, and building a minimum viable product (MVP).

The product development process has evolved in recent years and is now commonly used by dividing each step into six separate phases. This helps better organize the process and break individual deliverables into smaller tasks.  

What is product development?

Is product development the same as product management.

Though they sound almost identical, there's an important difference between product development and product management. Product development describes the process of building a product, where product management is the overseeing of that work. It's a slight difference, but an important distinction. A product manager, who often oversees a team that is in the product development process, will lead product management.

The 6 stages of product development

Not only does the product development process help simplify a launch, but it also encourages cross-team collaboration with teamwork and communication at the forefront of the process. 

Let’s dive into the product life cycle and define the six product phases. All of which can help you successfully launch your next product. 

1. Idea generation (Ideation)

The initial stage of the product development process begins by generating new product ideas. This is the product innovation stage, where you brainstorm product concepts based on customer needs, concept testing, and market research. 

It’s a good idea to consider the following factors when initiating a new product concept:

Target market: Your target market is the consumer profile you’re building your product for. These are your potential customers. This is important to identify in the beginning so you can build your product concept around your target market from the start.  

Existing products: When you have a new product concept, it’s a good idea to evaluate your existing product portfolio. Are there existing products that solve a similar problem? Or does a competitor offer a product that doesn’t allow for market share? And if yes, is your new concept different enough to be viable? Answering these questions can ensure the success of your new concept.

Functionality: While you don’t need a detailed report of the product functionality just yet, you should have a general idea of what functions it will serve. Consider the look and feel of your product and why someone would be interested in purchasing it.

SWOT analysis : Analyzing your product strengths, weaknesses, opportunities, and threats early in the process can help you build the best version of your new concept. This will ensure your product is different from competitors and solves a market gap. 

SCAMPER method : To refine your idea, use brainstorming methods like SCAMPER , which involves substituting, combining, adapting, modifying, putting to another use, eliminating, or rearranging your product concept.   

To validate a product concept, consider documenting ideas in the form of a business case . This will allow all team members to have a clear understanding of the initial product features and the objectives of the new product launch. 

2. Product definition

Once you’ve completed the business case and discussed your target market and product functionality, it’s time to define the product. This is also referred to as scoping or concept development, and focuses on refining the product strategy. 

During this stage, it’s important to define specifics including:

Business analysis: A business analysis consists of mapping out distribution strategy, ecommerce strategy, and a more in-depth competitor analysis. The purpose of this step is to begin building a clearly defined product roadmap.

Value proposition: The value proposition is what problem the product is solving. Consider how it differs from other products in the market. This value can be useful for market research and for developing your marketing strategy.

Success metrics: It’s essential to clarify success metrics early so you can evaluate and measure success once the product is launched. Are there key metrics you want to look out for? These could be basic KPIs like average order value, or something more specific like custom set goals relevant to your organization. 

Marketing strategy: Once you’ve identified your value proposition and success metrics, begin brainstorming a marketing strategy that fits your needs. Consider which channels you want to promote your product on—such as social media or a blog post. While this strategy may need to be revised depending on the finished product, it’s a good idea to think about this when defining your product to begin planning ahead of time. 

Once these ideas have been defined, it’s time to begin building your minimum viable product (MVP) with initial prototyping.

3. Prototyping

During the prototyping stage, your team will intensively research and document the product by creating a more detailed business plan and constructing the product.

These early-stage prototypes might be as simple as a drawing or a more complex computer render of the initial design. These prototypes help you identify areas of risk before you create the product.

During the prototyping phase, you will work on specifics like:

Feasibility analysis: The next step in the process is to evaluate your product strategy based on feasibility. Determine if the workload and estimated timeline are possible to achieve. If not, adjust your dates accordingly and request help from additional stakeholders.

Market risk research: It’s important to analyze any potential risks associated with the production of your product before it’s physically created. This will prevent the product launch from being derailed later on. It will also ensure you communicate risks to the team by documenting them in a risk register . 

Development strategy: Next, you can begin working through your development plan. In other words, know how you’ll be assigning tasks and the timeline of these tasks. One way you can plan tasks and estimate timeline is by using the critical path method . 

MVP: The final outcome of the prototyping stage is a minimum viable product. Think of your MVP as a product that has the features necessary to go to launch with and nothing above what’s necessary for it to function. For example, an MVP bike would include a frame, wheels, and a seat, but wouldn’t contain a basket or bell. Creating an MVP can help your team execute the product launch quicker than building all the desired features, which can drag launch timelines out. Desired features can be added down the road when bandwidth is available.

Now it’s time to begin designing the product for market launch. 

4. Initial design

During the initial design phase, project stakeholders work together to produce a mockup of the product based on the MVP prototype. The design should be created with the target audience in mind and complement the key functions of your product. 

A successful product design may take several iterations to get just right, and may involve communicating with distributors in order to source necessary materials. 

To produce the initial design, you will: 

Source materials: Sourcing materials plays an important role in designing the initial mockup. This may entail working with various vendors and ordering materials or creating your own. Since materials can come from various places, you should document material use in a shared space to reference later if needed.  

Connect with stakeholders: It’s important to keep tight communication during the design phase to verify your initial design is on the right track. Share weekly or daily progress reports to share updates and get approvals as needed. 

Receive initial feedback: When the design is complete, ask senior management and project stakeholders for initial feedback. You can then revise the product design as needed until the final design is ready to be developed and implemented. 

Once the design is approved and ready to be handed off, move onto the validation phase for final testing before launching the product. 

5. Validation and testing

To go live with a new product, you first need to validate and test it. This ensures that every part of the product—from development to marketing—is working effectively before it’s released to the public.

To ensure the quality of your product, complete the following:

Concept development and testing: You may have successfully designed your prototype, but you’ll still need to work through any issues that arise while developing the concept. This could involve software development or the physical production of the initial prototype. Test functionality by enlisting the help of team members and beta testers to quality assure the development. 

Front-end testing: During this stage, test the front-end functionality for risks with development code or consumer-facing errors. This includes checking the ecommerce functionality and ensuring it’s stable for launch.

Test marketing: Before you begin producing your final product, test your marketing plan for functionality and errors. This is also a time to ensure that all campaigns are set up correctly and ready to launch. 

Once your initial testing is complete, you’re ready to begin producing the final product concept and launch it to your customer base. 

6. Commercialization

Now it’s time to commercialize your concept, which involves launching your product and implementing it on your website. 

By now, you’ve finalized the design and quality tested your development and marketing strategy. You should feel confident in your final iteration and be ready to produce your final product. 

In this stage you should be working on:

Product development: This is the physical creation of your product that will be released to your customers. This may require production or additional development for software concepts. Give your team the final prototype and MVP iterations to produce the product to the correct specifications. 

Ecommerce implementation: Once the product has been developed and you’re ready to launch, your development team will transition your ecommerce materials to a live state. This may require additional testing to ensure your live product is functioning as it was intended during the previous front-end testing phase. 

Your final product is now launched. All that’s left is to measure success with the initial success metrics you landed on. 

Product development process examples

Now that you understand the six stages of the product life cycle, let’s look at real world examples of some of the most successful product development strategies of iconic startups to inspire your own.

Example 1: How Figma expanded their product features

Originally started in 2012, Figma was the first professional-grade UI design tool built entirely in the browser. Today, Figma has grown into the leading competitor for design web applications.

Their mission is to make design accessible to more people and help them bring their creativity to life. They’ve shown this by continuously adding new product features—like multiple flow capabilities, a brainstorming timer, and an interactive whiteboard—coordinating successful software releases, and building trust through transparency.

Read our case study to learn how Figma uses Asana to manage development backlogs. 

Example 2: How Uber solved a market gap

While today we think of Uber as the biggest ride-sharing service, that wasn’t always the case. They too started with a compelling product strategy that made them into the innovative company they are today. 

Uber’s strategy began by solving a gap in the existing taxi industry: creating an easier ride-hailing process with simplified payment processing. But they didn’t stop there: they continued to innovate their product portfolio by developing ride tiers ranging from luxury to budget-friendly. 

While each situation varies slightly, with the right product strategy, you too can create an innovative portfolio. 

Who is part of the product development team?

There are many stakeholders and various teams that assist with the product development process. The main leader is the product manager, who oversees all product tasks related to ideation, research, development, and product launch. 

Additional important stakeholders include:

Product management: A product manager oversees all areas of the product life cycle and works to bridge communication gaps between various internal and external teams. The product manager works to initiate new product launches and initiates product ideation and market research.

Project management: A project manager may be involved in the product development process to assist with cross-departmental communication. They might also assist with task delegation and goal tracking.

Design: The design team helps during the prototyping and designing phase to support the visual product concept. It’s important to connect product designs with brand guidelines and UX best practices. 

Development: The development team helps with the implementation of the product on your website. Most commonly, a team of developers will work together to build the new product offering depending on the complexity of the concept.

Marketing: The marketing team will assist with developing the marketing strategy and testing it before the product goes live. They will also measure the success of the marketing initiatives.

Sales: The product manager works with the sales team to come up with an effective strategy and report on success metrics after the product has been implemented. 

Senior management: Senior stakeholders may need to give final approval before the product can go to launch. 

In addition to these important roles, other teams that may be involved are finance, engineering, and any other related stakeholders. All of which can play a role in the process depending on the complexity of the concept. 

The process that simplifies product development

The right product development process can help you streamline each step with organized tasks and team collaboration. The six stages outlined above will get your team through all steps of the process, from initial idea screening to the development phase. 

But you might need help along the way. Coordinate tasks and organize your product development process with Asana for product management . Asana can help get your products to market faster by tracking workload and simplifying planning.

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Product development process templates

What does your product development process look like? It takes a lot of coordinated effort to shape a raw product idea into a valuable offering for customers. Product development describes the end-to-end process of accomplishing this — everything from strategizing and roadmapping to building and delivering a new product or enhancement to market.

Product development typically involves several teams — including product management, product marketing, and engineering as well as leadership, innovation, and operations. While most organizations follow a similar framework for product development, the details will look different depending on your business model, product type, and team structure.

Simply put — product development is complex with many moving parts. Mapping out your high-level process is a valuable exercise to help your product development team get organized and aligned on what happens during each stage. And product development templates can help you visualize how everything fits together.

Streamline product development with Aha! — sign up for a free trial .

Below are five templates you can use to sketch out the stages of your product development process. These templates are designed for a standard seven-stage process that most industry-leading organizations cycle through, but you can always customize them to your company's needs.

While it can be helpful to visualize the stages in a linear or circular flow, product development is not truly a step-by-step process. The work of product building is cross-functional and highly interrelated. Rather than completing each stage before moving on to the next, it is more likely that your company will have multiple stages in motion at once.

With that in mind, download these PDF or PowerPoint templates to get started:

Overview template

Detailed template

• Process flow diagram

Team process template

Product development overview template

Use this basic template to list your product development stages in a circular format. You can also include a basic description for each stage. This template is useful for giving everyone a high-level overview of the process.

Detailed product development template

This template displays the same stages as the one above but in a linear format with a few added pieces of information. Use this template to include extra details like the important action items for each stage.

Product development process flow diagram

Try a process flow diagram to show important steps in key product team workflows. The example below outlines how a customer interacts with your product, but this format be adapted to document when and how decisions are made across a variety of internal processes. This is a whiteboard template available in Aha! Notebooks — making it simple to share with the team.

Start using this template now

Product development team chart

Any product development process will involve cross-functional collaboration. This template will help you capture which functions make up your core product development team — making it easier to visualize which groups need to work together.

The template is populated with the functions that are commonly represented on formal product development teams.

Product development team process template

With your product development team assembled, this template will help you visualize where everyone's contributions fit into the overall process. You can see which functions are involved in each stage — serving as a helpful visual reference for internal and external stakeholders.

Try these product development templates to help document your process. Once your team is on-board with the high-level view, that is when you can go deeper into planning, build out detailed workflows, and bring your product idea to life .

Enjoy more templates:

Business plan templates

Product roadmap templates

Gantt chart templates

From ideation to launch, better product development happens with Aha! — try it free for 30 days .

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Product Development PowerPoint Templates

PowerPoint presentation templates for Product Development and Product Management. Here you can find presentation slides including visual appealing graphics with new product development process diagrams and examples to use in your presentations.

Horizontal Product Roadmap PowerPoint Template

Gantt Chart Agile Roadmap PowerPoint Template

Animated Vertical Product Development PowerPoint Timeline

SAPL Model PowerPoint Template

Product Vision Canvas PowerPoint Template

Product Vision Board Template for PowerPoint

Stage-Gate Process Phases Funnel Slide Template

Stage-gate Process Phases Funnel Design for PowerPoint

Professional Business Slide Deck PowerPoint Template

MVP PowerPoint Template

Startup Presentation Template

Lean Product Development Diagram for PowerPoint

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Product Development Project Proposal

Product development project proposal presentation, free google slides theme and powerpoint template.

Bringing a product to the market requires careful planning, good timing and hard work. State your ideas and put a new proposal on the table with this new template. It covers lots of different approachs used in business and it's filled to the brim with useful infographics, roadmaps, graphs and visual resources in general to showcase the data in a clear way.

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New Product Development Process

Jul 09, 2015

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Browse this site http://www.strategy2market.com/Consulting.html for more information on New Product Development Process. New Product Development Process should be a mechanism to reliably deliver new products for manufacture or distribution. This is a core and critical component of a product strategy where you are creating the product yourself rather than sourcing it from a supplier. So surely this is a highly optimized, well-oiled machine that reliably delivers successful products time and time again. Follow Us : http://productdevelopment.deviantart.com/art/New-Product-Development-541508765

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Presentation Transcript

Product Development Companies Strategy 2 Market is an experienced Product Development consulting firm whose mission is dedicated to building and enhancing the new product development performance of your company.

Product Development Strategy In order to improve the future new product development system, an understanding of the current state is necessary. We evaluate your current new product development system against best practices and provide insight and recommendations on what will work best for your organization. We objectively study and assess all aspects of your product development system (product development strategies, market understanding, portfolio management, new product development process, metrics and organization/team/culture) to identify where you are doing well and where you can achieve substantial improvement based on best practices without the subjectivity and conflict inherent in an internal review.

New Product Development Process We start by gaining an accurate and insightful understanding of your current product development system, including: strategy, portfolio management, product development process, culture/organizational structure, employee skills set and metrics. We identify the problem areas and the most impactful solutions. We then work with your team to design and implement the future state product development system.

New Product Development Strategy represents the fundamental source of guidance for your departments and your product development teams. Our proprietary s2m Strategic Framework™ helps define the enterprise, business unit and product strategies. These strategies ultimately feed into the organization’s portfolio management system and product development process.

When the product development process is not defined, it quickly becomes chaotic and complicated. Vague roles and responsibilities result in turf battles. Strategy 2 Market has considerable experience in helping companies improve their product development process. Some of our clients do not have an existing new product development process. We work closely with these teams in designing a flexible and lean process that aligns with their business and industry. With our clients that do have a process, we commonly find that an important component of the process may be missing early-staged customer and market activities. To keep everyone on the same page, we designed a propriety tool, the s2m NPD Body of Knowledge. It guides your team through an improved product development process, with details on activities, roles and responsibilities. Clarity around activities, processes and roles takes the complexity out of product development. It also helps resolve turf issues. New Product Development

Product Development Companies We also coach the executive and management team on their role within the product development process, providing them with the tools to make good project decisions. This ultimately leads to choosing the ‘right projects’, and optimizing valuable product development resources.

Product Development Companies Strategy 2 Market is also one of the leading new product development training organizations. Strategy 2 Market has been licensed for over 8 years to teach the Product Development Management Association (PDMA) New Product Development Professional (NPDP) Certification Workshop. They are one of the largest providers within North America and the World traveling to the far reaches of Turkey and Chile. They also offer other new product development workshops that address some of the most current pressing needs of new product development professionals.

Product Development We can provide a common new product development language and framework for your team members. We teach corporate and on-demand workshops, including the comprehensive New Product Development Professional (NPDP) Certification Preparatory course that is licensed by the Product Development Management Association (PDMA). This course covers all the nuts and bolts of new product development, including strategy, portfolio management, process, market research, tools and teams. We are also certified to teach a Lean Product Development workshop, and our intense 2-day proprietary Fuzzy Front End workshop.

www.strategy2market.com For inquiries please visit : Product Development Companies

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The New Product Development Process. Class 5 Opportunity Identification Concept Generation. Phase I: Opportunity Identification. The trouble with the future is that there are so many of them. -John R. Pierce (Bell Labs). Scenario Planning. Challenging Inertia. Do an assumption analysis

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The New Product Development Process. Concept Screening February 13, 2007. Concept Selection / Screening. The NPD Process. “Fuzzy” Front End. Phase 1: Opportunity Identification and Selection. Phase 2: Concept Generation/ Ideation. Phase 3: Concept Screening & Testing. Phase 4:

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New Product Development Process - Overview

New Product Development Process - Overview. A.Martinmäki. New Product Development Process (PACE). Regulatory requirements. Common sense FDA 21 CFR Part 820 QSR QSR, cGMP IVD Directive 98/79/EC CE mark Notified Body Canadian regulations CMDCAS , ISO 13485 ISO 9001:200 0

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New Product Development. Preparing to Launch. NPD Stages – New Retail Product. Steps in the Process: Idea Generation Scoping Business Case Development Development Scale-up Launch Evaluation. NPD Stages – New Retail Product. Steps in the Process: Idea Generation Scoping

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Product Development Process

Before the actual launch of the product in market, it goes through several product development process. And if you are looking for one, you should definitely visit us. You will be glad by our product development services and a team of experts and knowledge keepers. We help you make the best product by understanding the viability of your product. Visit Here: https://lanpdt.com/product-development-process-map-by-lanpdt/

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Stoke Ventures is a product development company turning ideas into marketable products. Check out this presentation and learn about the product development process.

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March 6, 2024

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How new product development shapes firms and the economy

by Jenn Riggle, University of California - San Diego

Understanding product life cycles plays an important role in the innovation arms race, helping to define firm growth and market competition.

Products experience a substantial decline in sales after an initial period of growth, a trend that is consistent across various industries and product types.

"By examining the life cycle of a wide cross-section of products, we can see the role product performance plays in shaping firm and economic growth ," said Munseob Lee, assistant professor of economics at the University of California San Diego School of Global Policy and Strategy.

Lee and his fellow researchers, Yale University's David Argente and Northwestern University's Sara Moreira, had a unique approach to their study. Rather than looking at durable goods like personal computers, they used a retail scanner to examine a broad range of everyday products, including nondurable goods, such as cereals and drinks, and semidurable goods, such as razors and lamps.

The paper , publihsed in the Journal of Political Economy and titled "The Life Cycle of Products: Evidence and Implications," was also co-authored by Yale University's David Argente and Northwestern University's Sara Moreira.

The team built a dynamic model highlighting the innovation-obsolescence cycle, where firms need to introduce new products to grow; otherwise, their portfolios become obsolete as rivals introduce their own new products.

Two major processes impacted this decline: "business-stealing," where competing firms introduce similar but more enticing products, and "cannibalization," where firms introduce new versions of their own products and reduce their sales. The interplay between these two types of innovation shapes the growth of firms and the economy.

Firms experience a smooth and moderate growth of about 2% a year. However, this decline conceals massive product reallocation. New products account for a positive contribution of 12% to this growth, and the lagging sales of existing products account for a decrease of 10%.

"The conventional view is that product sales follow a bell-shaped curve," Lee said. "Our research shows that product sales experience a steady decline throughout the greater part of the product life cycle, declining on average 30% per year between the first and fourth year of activity."

This debate emphasizes the critical role that nonprice strategies play in shaping the modern competitive environment. When business stealing is relatively prevalent, firms will find it more profitable to respond by introducing a new product than by reducing the prices of existing products.

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