4 Stages of Product Development Cycle to boost your Business: Everyone is running behind the Business and startup to achieve the money goals. Business is the best job that anyone can do. Business requires lot of experience when it comes to become a brand. Product Development Cycle plays an vital role in helping you to get you desired goal. Product development cycle is made by the business magnets as discussed in various business related books. When it comes to the well planned marketing and strategy, Everyone follows the Product Development cycle. Many world renowned entrepreneurs modified this cycle according to their experience. I have also modified the Product development cycle according to my experience which short but easy to understand.
Product Development cycle:
Product development cycle is the combination of various stages of Product development to enhance the product according to the customer needs. It plays an vital role in successful launch of any product in the market. every company use this cycle to build something new for their customers. The main stages of Product development cycle are:
Product Development cycle Stages:
I will not start from IDEA as other use to start. Idea will be just a idea if you will not invest in it. In the world of 7 Billion humans, everyone has any idea to start but due to fear and lack of money, they don’t make their idea into reality. Thus I will start From the First point as mentioned in the above photo.
1. Invest in Idea:
Many people make lot of ideas but do not invest a penny on it. Thus, your first step should be to invest your time and money (if idea involves money). Just invest in the idea and launch it to your desired customers. Let the customers use this new product. The response of customers will give you the thrust to change or modify the idea according to customer’s choice.
Observe every single behavior of your customers. every customer has his own different mindset. You have a large quantity of customer upto 8 Billions worldwide to experiment on your Product. Every single customer has his own point of view to use your product. So observe every single customer and Nourish your Product.
You have now received a report of behavior of various customers. Now study every single response by evaluating the customers on the basis of behavior, Location, Gadgets, Gender and Age. After the keen discussion with your partners, apply further changes to your product.
Change is Good. Everything that exist has to change for the sake of others. This slogan is perfectly applicable on the products and services. Every single company that achieve success frequently nourish their products according to the customer needs. Once you have modified the product according to the results obtained by the previous product analysis, It is time to relaunch the product with more enthusiasm. This new released product should not only attract your existing customers but also should invite new customers from the various fields.
This was the specified explanation of Product development cycle. Please Note that every single person has his own mindset. Every person has his own style of Executing the idea and Observations. Product Development Cycle that made by our Business Experts is the detailed information and also a source of learning for all the businessmen and the entrepreneurs in long term. I am presenting My Product Development cycle according to my experiences and learning. If you think that This life cycle should be promoted to your loved one, share this on your Social media. In case of any query and Business assistance, We are free to help you grow your Empire.