Lesson 11- What is Product Development?
Product development is seen as the creation of any physical product whether at home or at a factory, having research as a basis in developing such a product. Part of the process is determining the product’s dimensions from the micro to the macroeconomics, identifying the dominant effect of the product is vital to pursue consumers.
Once a product is established, it will now move to securing license i.e. the Intellectual Property (IP) via trademark. For example, ground beef hamburger patties, you may enter bulk deals for beef and bread, John Doe creates the custom design for the packaging.
As you may know, the simplest way in developing a product is by using a private label company. The private label company is the one to manufacture the idea by packing the product and putting brand name labels. You now have a private label brand not known to the public, there is a possibility that it’s not traded on a public stock exchange, but not saying that a big and stable company does not use this strategy. Private labels are necessary to lessen the expense and gain sales/profits. Conversely, the catch is finding the right private label company with high standards that also offers drop shipping assistance that meets your profit margin but once plugin it’s systematic. The type of marketing strategy you will use will determine the period you uncover the “gate of success”.