While it may be creatively fulfilling to build a never-before-seen product, it may also be effective to build upon already existing products and amplify their value. With thousands of products being pumped into the market annually, consumers are more enticed and drawn toward products that are fresh and operationally different from the rest. In today’s ever-evolving business environment, it is challenging to ideate a product that doesn’t already exist. The first step in product development is a combination of market research and product ideation. It is where your idea begins coming to life and where your vision starts transforming into a reality.Įvolving design strategy as markets evolve Think sourcing, product design, development and manufacturing. Pre-commerce constitutes the first stage in the lifecycle, and it encompasses all the stages of development from ideation to product. This division of process allows business visionaries to not only break down the company’s goals, but to track the progress of their goals and reinforce their commitment to them. While the entire lifecycle of a product being bought and sold digitally via online channels has been commonly accepted as “ecommerce,” it is important to break down the process into smaller segments. For all business ventures brands decide to embark on, the initial idea must evolve through various stages of conceptualization and innovation before the final product is launched onto the market. It goes without saying that at the heart of innovation, everything begins with an idea.
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