Tag: Steps in new product development

Lean product development

How Lean Product Development Helps Improve Your Bottom Line

What is lean product development?

‘Lean’ refers to any process improvement that substantially and sustainably improves the output of your system. Lean product development involves increasing the focus on using lean to meet the need for innovative solutions in the manufacture of a product. Lean principles are used in lean product development to meet the rising challenges in product development. Some of the key issues that a lean product development process seeks to address include:

  • Long development cycle times
  • High costs of development
  • Need for innovative solutions
  • Rising production costs
  • Redevelopment cycles

80% of business failures can be attributed to how products are developed. Request a free proposal to learn we can help you strategize for an optimal product development process.

Steps in an effective lean product development process

lean product developmentLean product development process has been traditionally applied in manufacturing environments. However, lean methods can be applied to any industry, because all businesses benefit from cycle time improvements, increased productivity, and cost savings. Here are the key steps involved in an effective lean product development process:

Specify value for customers

The success and sustainability of a lean product development largely depend on the value that is being created for the customers. Before the actual product development process, manufacturers must look at the existing market and work backwards to ensure that the product being produced will attract the target customers and induce them to make a purchase. This step will allow businesses to invest in winning products even before its production begins.

Businesses that place cost reductions ahead of value creation while implementing lean principles often see their lean efforts fall flat. Get in touch with our experts for more insights on lean product development.

Identify value streams

Product development has a major impact on a company’s overall ecosystem. For products to be brought to the market successfully, it is essential to think end-to-end and ensure that all the employees are clear on the job roles assigned to them. Processes in organizations run smoothly when manufacturers, engineers, marketers, and the sales team know their role in the value stream. Often, during traditional product development cycle, the numerous communication errors due to hand-offs between departments leave little room for improvement. In the case of lean product development, the different stakeholders are united and in sync with one another’s processes from day one.

Ensure faster flow in the value streams

A lean company always aims at ensuring a faster flow of processes and value streams. This consequently ensures that customers are served faster, lead times are shorter, and improved product quality and flexibility. This would also eventually result in lower product cost.

Respond to customer pull

Gaining a clear understanding of customer pull is vital to make product development flow faster. Pull refers to customer demand. Eliminating wastes and responding to customer demand effectively would also create a positive customer experience by allowing time to work on things that create more value.

Learn more about how to adopt lean production principles at your organization

New product launch

New Product Development Strategy: How we Helped a Leading CPG Company to Develop New Products for Connecting with Millennial Consumers

With the millennial group becoming the generation with more buying power in the European market, it’s more important than ever for marketers to understand what makes millennials willing to open up their wallets. Also, for companies to remain relevant, it is essential that their products satisfy the ever-changing needs of millennial consumers. A failure to meet these demands can hamper the overall growth of the company. Therefore, companies are partnering with market research firms like Infiniti Research to leverage their expertise in offering new product development solutions to launch a new product in market satisfying the needs of the millennial group.

4 Millennial Shopping Trends Your Business Needs to Keep Up With 

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To capture the enormous purchasing power of millennials, you need to shift your techniques to match the preferences of these young consumers. It's high time to quit traditional marketing approaches and take up new product development plans. REQUEST A FREE BROCHURE to know more about our services portfolio.

Business Challenge

Our client, a leading consumer goods company based out of Central Europe that offers authentic and accessible food to customers, faced stagnant growth and rising competition in the rapidly evolving market. With evolving millennial food interests, from the rise of superfoods, to experimentation with flavor and form, to an increased interest in organic options, the company found themselves striving to develop and produce products specifically for this specific consumer group. In order to prepare for a future in which satisfying the ever-changing needs of millennial consumers is essential, the client approached Infiniti Research for a solution. With Infiniti’s new product development strategy, the company wanted to develop and produce products aimed at millennials. Also, they wanted to study the market and create an efficient innovation process that puts the consumer at the center of its thinking and product development.

Solutions Offered

To help the client introduce a new product for satisfying the millennial customers’ demands, the experts at Infiniti Research adopted a comprehensive four-phase approach. The new product development strategy involved determining market potential, securing approvals, developing product life cycle stages, and product tracking. Also, the experts conducted an ethnographic study of global emergent consumer tastes and food cultures in the European market.

Armed with new consumer insights, the company was able to conceptualize, produce, and release a series of products for millennial consumers. Our new product development strategy also supported the company to begin a health-centric overhaul of its current and upcoming products. The company also introduced new organic offerings in their meal, snack, and beverage categories. By placing innovative consumer-centric thinking at its core, the company has emerged as a robust food brand for the modern consumer.

With Infiniti’s new product development strategy, the company was able to strengthen their reputation as a resilient and modern food company. Also, they were able to enhance their sales rate by 33%.

Consumer preferences are evolving, and you must find ways to keep up with these changes. REQUEST A FREE PROPOSAL to know how our new product development strategy will help your company devise products meeting your customers' demands.

What is new product development? 

New product development is the process of bringing a new product to the marketplace. The process of new product development involves, conceptualizing, designing, developing, and marketing a new product or service. Having a well-defined plan for new product development can help businesses generate high profits. Today’s businesses need to engage in an new product developmet (NPD) process due to changes in consumer preferences, increasing competition, and advances in technology or to capitalize on a new opportunity.

What are the Stages in New Product Development Process? 

Bringing up a new product to the market can make a huge difference in a company’s sales rate. But, certain businesses fail while trying to launch a new product in the market. Have you ever wondered why? New product developments are extremely challenging. Therefore, companies must follow a step-by-step process while bringing up a new product to the market. Below, we have listed up the stages in the new product development process.

fbStage 1: Product idea brainstorming – Conducting market research and consumer surveys play an important role in this initial stage of new product development process. It is imperative for businesses to analyze products that customers are looking for. Therefore, better market research of the target customers can help companies uncover the needs of their customers.

Stage 2: Analyzing customers’ reaction towards similar products – Analyze the top competitors marketing similar products and study customers’ response and demand towards similar products.

Stage 3: Business analysis – Business analysis is a very important step in new product development process. Here, detailed business analysis is done. This helps the company figure out whether the new product would be commercially profitable or not.

Stage 4: Product development and distribution: In this stage of new product development process, production department makes plans to produce the product and marketing department makes plans to distribute them.

Stage 5: Commercialization: This process involves advertising the new product on mass media like TV, radio, newspapers, magazines, and more.

Stage 6: Review of market performance – In this stage of new product development process, company must continuously monitor the performance of the new product. They must make the necessary changes in their marketing plans and strategies continuously.

CONTACT US to learn more about our new product development strategy.