Make, Market & Fulfill
Product development refers to the creation of a new product which provides utility to the consumers or up-gradation of the existing product to attain performance perfection; or enhancement of the production process, techniques, method or formulation with end result in the betterment of customer experience
Need for Product Development
There is a need for product development when there is slow or static product growth, pressure to lower the product price, diminishing business from the most valuable customers, decrease in inquiries by prospective customers, rise in sales force turnover, entry of new competitor with innovative product, change in customer’s demand and also when competitors exit the market.
The first stage in any product development process is to identify and analyze the business opportunity. Before a concept moves to implementation, we determine if and how it will supports overall business objectives. We do the feasibility study, to help teams determine whether a concept has the potential to be successful before a full go-to-market investment is made.
Product development is a strategic approach. It is always well planned and systematically executed to achieve desired results and avoid loss.
How do we help?
CBRG does the feasibility study, to help teams determine whether a new product concept has the potential to be successful before a full go-to-market investment is made.
Research customer needs
Researching customer needs, prioritizing features, and testing concepts help us narrow in on the key capabilities that will be delivered in a new product to achieve market growth.
The manufacturing of a new product, it’s financing, marketing, distribution, advertisement and promotion takes place. Initially, a small quantity is produced as a test batch.
The product launched in market on a small scale. If it attains success, the large-scale production is planned, if rejected by market, the company finds out shortcomings and rectifies it.
Review Market Performance
We keep track of the product’s performance in the market to know customer satisfaction level, demand, profitability, sales volume, and the satisfaction of the middlemen involved.