Merlin Project

While the timeline may change, the steps toward developing a new product (whether it’s hardware, software, or something else entirely) remain relatively the same. Of course, everything starts with an idea. This can be developed by doing some basic research and finding a need. Often referred to as the Fuzzy Front End, this may be one of the least expensive steps, but also one of the longest.The Product Development and Management Association is an international advocate for helping product development and management professionals achieve their ends. If you’re having trouble figuring out which product you actually need to develop, you can start with them from the beginning at the “Discover” portion of their “Innovation Cycle”the other two areas are “Develop” and “Deliver.” The PDMA calls this first step “the process of identifying opportunities.”After an idea has been generated, it is refined through “idea screening.” In this step, the designers ask questions to help identify and eliminate possible problems in the idea. These could range from being too similar to an existing product to not being able to grow. By identifying issues before development starts, the company can avoid spending valuable time and money on poor ideas.Concept development and testing follows the screening process. The specific marketing and engineering details are worked out in this step, usually by presenting the idea to customers for the first time through “choice modeling.” This stage helps the company pinpoint the benefits the product will be able to offer to its customer base. After understanding this, the developers can move on to setting a price and estimating the profitability of the product. This takes place during the Business Analysis stage.At this point, if everything is still moving ahead, you’re doing well. More extensive testing, in the form of Beta Testing and Market Testing, lies ahead. Companies draw up a prototype of the product and introduce it in a variety of ways. This can be through a focus group, at an industry-wide trade event, door-to-door, etc.The next stage is considered by some to be the last part of new product development. It’s called Technical Implementation, and it’s where the company allocates the resources to creating the product and getting it into the hands of customers. The two following stages, Commercialization and New Product Pricing, follow the actual launch of the product and simply mean adapting your previous expectations to what actually occurs. You may find that your product is overpriced, or that you can charge 15 more dollars for it. Just as during development, the smart company will be able to adapt and profit from unforeseen circumstances.