When developing a new product, it’s important to have a plan. You have to have a detailed idea of what you’re trying to achieve. Then, you need to organize your team and set a realistic deadline.
Once you’ve completed these steps, you’ll need to go through the product development lifecycle. This is a series of steps that must be completed for the product to succeed.
Today we’re discussing the product development lifecycle and how companies should approach it. Let’s dive in!
Overview of What Is a Product Development Lifecycle
A product development lifecycle is a general set of steps separated into four distinct phases. The phases identify and track the progression of a product. This starts from its conceptualization and design to its launch and post-launch support.
The phases include:
- Ideation
- Research
- Planning
- Prototyping
- Sourcing
- Costing
- Commercialization
The importance of each phase, like what scrum events do, lies in the fact that activities must be properly planned and executed to ensure a successful launch of the product.
The Phases of Product Development Lifecycle
The product development lifecycle is a framework to structure and organize the product development process. It consists of distinct phases. Here’s an overview of each phase.
Ideation
Ideation is a vital stage in the product manufacturing lifecycle. It is the process of generating and exploring ideas for a product. Teams develop unique solutions to problems during ideation through brainstorming initiatives, collaboration, and research.
Research
The research phase focuses on learning more about the market, target demographics, and potential customer needs. The research team works to develop an understanding of the target markets:
- trends
- behaviors
- preferences
The product research includes gathering customer feedback, researching industry-specific trends, and testing potential product options.
Planning
Planning is managing product development activities to ensure successful design and production. During the planning stage, teams will come together and identify the following:
- goals
- objectives
- strategies
All these include designing the product, assessing product needs, and establishing the timeline for completion.
Prototyping
Prototyping is the process of demonstrating a tangible model of the product to verify it meets the customer’s requirements. During this phase, the design concepts are transformed into a functioning prototype. Building a prototype includes multiple stages, such as:
- concept refinement
- 3D modeling
- rapid prototyping
- testing
- validation
Prototyping allows for real-time user feedback and gives developers a tangible model to work with.
Sourcing
Sourcing is an important part of the product development lifecycle. It involves the search and selection of reliable suppliers. They should provide the best quality:
- materials
- technology
- services
Sourcing activities include identifying potential suppliers, requesting and evaluating quotations, auditing suppliers, price negotiations, and executing agreements.
Costing
Costing involves analyzing and predicting the cost of a proposed product. This typically involves evaluating materials, labor, and other associated costs so that an estimate of the product can be projected.
Commercialization
In commercialization, products are brought to market and made available to customers. This involves deciding how to make the product available to customers, such as through:
- physical retail stores
- online stores
- combination of the two
During this phase, production ramp-up begins, lead times and supply chains are established, and customer service teams are hired and trained.
Understand the Product Development Lifecycle
Product development cycles don’t just happen; they need careful planning and management. Understand the product development lifecycle phases to create successful products and increase efficiency.
Use the steps outlined above to help you maximize the potential of your product development strategy.
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