Reflecting on the plan, market research should be performed from the very beginning of the project, the data collected is to aid product development. Engage with the market from the early on and retrieving market insights would develop a more successful product which resonate with the end users. Like IDEO’s design thinking methodology, it is crucial as the first step to get the user’s insight, pinning down on the pain point and add value above problem solving for the users. And that is excellent creative product innovation.
The word ‘innovation’ or ‘innovative’ is overrated but it is the key to growth of a company. New product development is where innovation happens for a company to survive the product life cycle. Certainly, internal research and development will cost a lot and can only be afforded by big companies or with huge investor’s support.
Six key stages in new product development: (1) idea generation, (2) idea evaluation, (3) concept development, (4) business evaluation, (5) product development and (6) product launch. Key issues like investment, failing to deliver customer benefit, forecasting errors, internal conflict and competitor response have to be measured and have strategic backup plan. With the right environment, innovation can be an effective management process aiming to bring together creative thought, technical/process development and commercial exploitation across all levels.
Other than that, switching market segment can be an option as the product progress from a stage to another. As for Brim Lamp, introduction stage will mainly focusing on luxury market (hospitality); Offices and high end residential will come in at the growth stage; the mass market of micro home owners will be taking over at the maturity stage. Ideally, new product or upgrades will be introduced at the peak of the maturity stage to maintain steady increase in revenue.
1. Drummond, G., Ashford, R. & Ensor, J. (2008) Strategic Marketing: Planning and Control. London: Butterworth- Heinemann.
2. Kotler, P., Harris, L., Piercy, N. & Armstrong, G. (2013) Principles of Marketing. Harlow: Pearson.
3. Williams, P., Jones, S. (2007) Life Cycle: Four Basic Stages. [Online Illustration] Available from http://www.idea-sandbox.com/gyb/life-cycles/