{"id":13990,"date":"2022-09-30T15:00:13","date_gmt":"2022-09-30T12:00:13","guid":{"rendered":"https:\/\/${domain}\/blog\/?p=13990"},"modified":"2024-03-25T15:18:18","modified_gmt":"2024-03-25T13:18:18","slug":"product-development-strategy-key-stages-and-examples","status":"publish","type":"post","link":"https:\/\/${domain}\/blog\/product-development-strategy-key-stages-and-examples\/","title":{"rendered":"Product Development Strategy \u2014 Examples and Key Stages"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Why does product development strategy matter? According to the <\/span><a href=\"https:\/\/hbswk.hbs.edu\/item\/clay-christensens-milkshake-marketing\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><span style=\"font-weight: 400;\">Harvard Business School<\/span><\/a><span style=\"font-weight: 400;\"> survey, the biggest problem faced by entrepreneurs at the launch is the lack of preparation. At the same time, <\/span><a href=\"https:\/\/www.cbinsights.com\/research\/startup-failure-reasons-top\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><span style=\"font-weight: 400;\">42%<\/span><\/a><span style=\"font-weight: 400;\"> of shutdown startups offered services of gadgets that actually didn&#8217;t solve current user problems.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is, preparation and strategy are obligatory for your success. In this article, we\u2019ll figure out what a product development strategy is, its key stages, and examples.\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-white ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d30a9703560\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d30a9703560\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/${domain}\/blog\/product-development-strategy-key-stages-and-examples\/#What_is_Product_Development_Strategy\" >What is Product Development Strategy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/${domain}\/blog\/product-development-strategy-key-stages-and-examples\/#New_Product_Development_Stages_and_Marketing_Strategy\" >New Product Development Stages and Marketing Strategy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/${domain}\/blog\/product-development-strategy-key-stages-and-examples\/#Top_5_Product_Development_Strategy_Examples\" >Top 5 Product Development Strategy Examples<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/${domain}\/blog\/product-development-strategy-key-stages-and-examples\/#Summary\" >Summary\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/${domain}\/blog\/product-development-strategy-key-stages-and-examples\/#FAQ\" >FAQ<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Product_Development_Strategy\"><\/span><span style=\"font-weight: 400;\">What is Product Development Strategy?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Let\u2019s begin with the <\/span><span style=\"font-weight: 400;\">product development strategy definition<\/span><span style=\"font-weight: 400;\">. It is one of the basic approaches focused on offering new or updated products to market segments that you have already mastered.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A <\/span><span style=\"font-weight: 400;\">strategy for product development<\/span><span style=\"font-weight: 400;\"> includes different actions for the gradual <\/span><a href=\"https:\/\/${domain}\/blog\/mvp-minimum-valuable-product-how-to-evaluate-your-business-idea\/\"><span style=\"font-weight: 400;\">development of a new product<\/span><\/a><span style=\"font-weight: 400;\"> or improving the effectiveness of an existing one. It is a plan \u00a0based on a\u00a0<a href=\"https:\/\/survicate.com\/blog\/product-research\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/survicate.com\/blog\/product-research\/&amp;source=gmail&amp;ust=1711452711807000&amp;usg=AOvVaw2LR-5PSp4QxA33_XfgNU2d\">product research<\/a> that can include brand architecture and identity, customer service, business model, design, features, market niche, pricing, promotion, risks, and so on.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-13995\" src=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-4-800x437.png\" alt=\"strategy for product development\" width=\"800\" height=\"437\" srcset=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-4-800x437.png 800w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-4-320x175.png 320w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-4-768x419.png 768w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-4-418x228.png 418w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-4.png 1344w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">Why Product Development Strategy Matters?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The creation of any project must be based on a <\/span><span style=\"font-weight: 400;\">product development marketing strategy<\/span><span style=\"font-weight: 400;\">. You should clearly understand what you are doing and why.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When choosing a <\/span><span style=\"font-weight: 400;\">product development and marketing strateg<\/span><span style=\"font-weight: 400;\">y, you think over all the methods and techniques that you will use at all stages. This way you can think through all the problems in advance and find the most successful <\/span><span style=\"font-weight: 400;\">new product development strategy in marketing<\/span><span style=\"font-weight: 400;\">. Also, strategies can help you make existing projects better, discover new niches, etc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A <\/span><span style=\"font-weight: 400;\">product planning and development strategy<\/span><span style=\"font-weight: 400;\"> is the basis of its life cycle. If you want to build a reliable and successful p<\/span><span style=\"font-weight: 400;\">roduct development growth strategy<\/span><span style=\"font-weight: 400;\">, pay attention to its aspects: vision, goals, ideas, and initiatives.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The vision includes <\/span><b>market opportunity research, positioning issues, target audience, competitor analysis<\/b><span style=\"font-weight: 400;\">, etc. It describes your customers\u2019 needs and the ways to meet them.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The <\/span><b>goals must be clear, relevant, measurable, and time-specific<\/b><span style=\"font-weight: 400;\">. You should define <\/span><i><span style=\"font-weight: 400;\">what results you want to achieve in a certain time frame<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The <\/span><b>ideas and initiatives<\/b><span style=\"font-weight: 400;\"> are efforts that you need to achieve your strategic goals. For example, improving the user interface, optimizing performance, and more.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"New_Product_Development_Stages_and_Marketing_Strategy\"><\/span><span style=\"font-weight: 400;\">New Product Development Stages and Marketing Strategy<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A product development strategy is divided into 5 stages:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">development of the idea itself;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">prototyping;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">analysis;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">market testing;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">commercialization.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Below we will focus more on a <\/span><span style=\"font-weight: 400;\">marketing strategy of new product development<\/span><span style=\"font-weight: 400;\">, as marketing plays the key role in any business.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Stage 1: Marketing Research and Testing<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Your main goal is to make your users satisfied. Therefore, you should learn more about your clients and their pains.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Find answers to these questions at this <\/span><span style=\"font-weight: 400;\">new product strategy development stage<\/span><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What is the purpose of your project?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What are your product\u2019s basic features?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What customer problems will it solve?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How does it differ from your competitors\u2019 offers?<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Also, product testing by real customers is useful at this stage. You can ask a small group of target customers to get acquainted with your <\/span><a href=\"https:\/\/${domain}\/blog\/how-to-create-a-prototype-for-a-website\/\"><span style=\"font-weight: 400;\">prototype<\/span><\/a><span style=\"font-weight: 400;\">. Then collect their opinions and analyze them. This will help you improve your <\/span><span style=\"font-weight: 400;\">product-development strategy<\/span><span style=\"font-weight: 400;\"> according to the real user experience.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Stage 2. Tell About Your Product<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Once the focus groups have tested your offer, and you have made changes to your <\/span><span style=\"font-weight: 400;\">product and service development strategy<\/span><span style=\"font-weight: 400;\">, it&#8217;s time to launch a landing page. Add the ability to subscribe to your updates for interested users and come up with a <\/span><a href=\"https:\/\/${domain}\/blog\/sales-funnel-guide-for-beginners\/\"><span style=\"font-weight: 400;\">lead magnet<\/span><\/a><span style=\"font-weight: 400;\">. It is something your users will get for leaving an email or phone number. For example, you can send them free samples or offer a discount on their purchase, and so on.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Create your landing page (your company\u2019s online business card) on <\/span><a href=\"https:\/\/weblium.com\/\"><span style=\"font-weight: 400;\">Weblium<\/span><\/a><span style=\"font-weight: 400;\"> in just a few hours. Use our beautiful templates or create website from scratch with ease. With our simple interface and a huge variety of integrations, you can customize your site the way you want. You can also track your visitors with built-in analytics of Google Analytics, chat with them right on the site for higher conversions, chase them with tasty offers using Facebook Pixel, collect their data using lead magnets and contact forms, send automated emails and a lot more!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And remember, the sooner you create a website, the more people will know about your business. Which is highly important for you, huh?<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong><a class=\"button\" href=\"https:\/\/app.weblium.com\/login?lang=en\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Create Landing<\/a><\/strong><\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Stage 3. Set Goals and Budget<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Product development and strategy<\/span><span style=\"font-weight: 400;\"> require planning ahead. You need to understand what goals you plan to achieve in the short and long term to <\/span><span style=\"font-weight: 400;\">define product development strategy.<\/span><span style=\"font-weight: 400;\"> Also, plan your budget for each marketing channel and product development stages. You should understand how much you will spend in order to calculate the cost of your project and stay within the budget.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Stage 4. Marketing Support<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As we said above, without comprehensive marketing activities, even if you have the most innovative and interesting project, nobody will learn about it. Your <\/span><span style=\"font-weight: 400;\">new product strategy development<\/span><span style=\"font-weight: 400;\"> should include channels that are effective for you.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Think about how you will share information about your offer. Will you be shooting educational videos, writing blog articles, developing your social media profiles, or reaching out to bloggers? Or maybe your path is offline marketing? (Which we don\u2019t really recommend since it\u2019s way too outdated in 2020.)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You should consider these questions and come up with a clear plan of action.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Stage 5.<\/span><span style=\"font-weight: 400;\"> Implementation of Product Development Strategy<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It is important here to ensure that all stages are implemented in a timely manner. We also advise you to track your results. For example, the simplest thing you can do is connect Google Analytics and <\/span><a href=\"https:\/\/weblium.com\/marketplace\/marketplace-integration-facebookpixel\"><span style=\"font-weight: 400;\">Facebook Pixel<\/span><\/a><span style=\"font-weight: 400;\"> to your <\/span><a href=\"https:\/\/weblium.com\/\"><span style=\"font-weight: 400;\">Weblium<\/span><\/a><span style=\"font-weight: 400;\"> site. This way you can see where your users come from and how they interact with your site, and whether or not they are interested in your offer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Be sure to keep track of how well what you are doing matches the original plan and make changes if necessary.<\/span><\/p>\n<p><a href=\"https:\/\/app.weblium.com\/signup?utm_source=en_blog&amp;utm_medium=article&amp;utm_campaign=banner_article\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-20566\" src=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2024\/01\/2.2-800x178.png\" alt=\"\" width=\"800\" height=\"178\" srcset=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2024\/01\/2.2-800x178.png 800w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2024\/01\/2.2-320x71.png 320w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2024\/01\/2.2-768x171.png 768w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2024\/01\/2.2-418x93.png 418w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2024\/01\/2.2-1080x240.png 1080w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2024\/01\/2.2.png 1518w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Top_5_Product_Development_Strategy_Examples\"><\/span><span style=\"font-weight: 400;\">Top 5 Product Development Strategy Examples<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Well, we have figured out what a product development strategy is and what it consists of. Let&#8217;s now take a look at how these strategies are actually developed and implemented by large companies. You can look at some of the best <\/span><span style=\"font-weight: 400;\">examples of product development strategy<\/span><span style=\"font-weight: 400;\"> below.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Mcdonald\u2019s Product Development Strategy Example<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You might say, &#8220;Why would I look at McDonald&#8217;s if it&#8217;s a giant company and I have a small business?&#8221; But it\u2019s worth learning from the best, and if you look at McDonald\u2019s <\/span><span style=\"font-weight: 400;\">product development strategy example<\/span><span style=\"font-weight: 400;\">, you will see many interesting tricks that any company can use.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Traditional dishes<\/span><\/i><span style=\"font-weight: 400;\">. McDonald&#8217;s always has several dishes on the menu that do not change. For example, their classic hamburger and cheeseburger, the Big Mac, and so on. This is how McDonald&#8217;s works with conservative consumers.<\/span><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Seasonal dishes<\/span><\/i><span style=\"font-weight: 400;\">. At the same time, McDonald&#8217;s often introduces seasonal offers on the menu. Some of them appear from year to year, others were on the menu for only a few weeks and disappeared forever. This way, McDonald&#8217;s satisfies the demand of those who like to try something new and tests new dishes at the same time.<\/span><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Localization<\/span><\/i><span style=\"font-weight: 400;\">. In addition to the usual menu, McDonald&#8217;s introduces regional dishes or prepares classic burgers taking into account local specialties. For example, in India, the Big Mac is made without beef. In the Netherlands, there is McKroket on the menu with a local Dutch kroket.<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-13997\" src=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-6-800x437.png\" alt=\"Mcdonald\u2019s Product Development Strategy\" width=\"800\" height=\"437\" srcset=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-6-800x437.png 800w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-6-320x175.png 320w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-6-768x419.png 768w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-6-418x228.png 418w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-6.png 1344w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">Google New Product Development Strategy Example<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Google is constantly working on new services and gadgets. Some of them become successful, some are shut down. Here are the basic principles of a <\/span><span style=\"font-weight: 400;\">new product development strategy<\/span><span style=\"font-weight: 400;\"> at Google:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A smart culture where innovations are in nobody\u2019s job title, everyone at Google is responsible for them.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Early launch to get user feedback. Google creates its services for end users, not for profits.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Launching a large number of projects at once. Out of 5 new products, at least 2 are sure to be successful.<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-13992\" src=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-1-800x437.png\" alt=\"Google New Product Development Strategy\" width=\"800\" height=\"437\" srcset=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-1-800x437.png 800w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-1-320x175.png 320w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-1-768x419.png 768w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-1-418x228.png 418w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-1.png 1344w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">Product Development Strategy Ansoff\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Now let&#8217;s take a look at the academic approaches. Igor Ansoff&#8217;s model was first presented in 1957 in the Harvard Business Review. Today, this matrix remains the most common strategic management tool for determining the directions of business growth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Igor Ansoff in his \u201cproduct-market\u201d model identified 4 possible business growth strategies:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><b>Market penetration strategy<\/b><span style=\"font-weight: 400;\"> means increasing the share of the current market.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Market development strategy<\/b><span style=\"font-weight: 400;\"> means developing demand in new markets.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Product development strategy<\/b><span style=\"font-weight: 400;\"> means increasing demand for new products.<\/span><\/li>\n<\/ol>\n<p><b>Diversification strategy<\/b><span style=\"font-weight: 400;\"> means renewing the product line and entering new markets at the same time. <\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-13993\" src=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-2-800x437.png\" alt=\"Product Development Strategy Ansoff\" width=\"800\" height=\"437\" srcset=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-2-800x437.png 800w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-2-320x175.png 320w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-2-768x419.png 768w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-2-418x228.png 418w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-2.png 1344w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">Microsoft Product Development Strategy Example<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Microsoft may not make headlines as often as other IT giants. This company is relatively quiet doing its job, releasing services that each of us uses both at work and in everyday life.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In general, Microsoft has three main focus areas:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Productivity &amp; business processes.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Intelligent cloud.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Personal computing.<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-13994\" src=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-3-800x437.png\" alt=\"Microsoft Product Development Strategy\" width=\"800\" height=\"437\" srcset=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-3-800x437.png 800w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-3-320x175.png 320w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-3-768x419.png 768w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-3-418x228.png 418w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-3.png 1344w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">For each direction, the following steps are used:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Idea screening.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Concept development and testing.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Marketing strategy development.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Business Analysis.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Manufacturing.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Commercialization.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Microsoft is well aware that even a well-tuned strategy doesn&#8217;t always lead to success. For example, the Microsoft Mixer service, in which a lot of money had been invested. However, it could not compete with Twitch and was forced to <\/span><a href=\"https:\/\/www.theverge.com\/2020\/6\/22\/21299032\/microsoft-mixer-closing-facebook-gaming-partnership-xcloud-features\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><span style=\"font-weight: 400;\">shut down<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here&#8217;s what you get out of this story: not all projects of even giant companies are successful. It&#8217;s okay to be wrong. But a proper strategy helps to minimize the risks.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">New Product Development Strategy Example of Samsung<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You might not know but Samsung was once just a local company with little consumer demand. But building a strategy, including a powerful marketing strategy, has brought Samsung to where it is today.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This company is expected to create innovative gadgets constantly, and for this purpose, Samsung has developed the New Concept Development (NCD) process. It involves the following stages:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Understand current trends.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Generate and discuss ideas.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Develop concepts.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Finalize concepts.<\/span><\/li>\n<\/ol>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-13996\" src=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-5-800x437.png\" alt=\"New Product Development Strategy of Samsung\" width=\"800\" height=\"437\" srcset=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-5-800x437.png 800w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-5-320x175.png 320w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-5-768x419.png 768w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-5-418x228.png 418w, https:\/\/${domain}\/blog\/wp-content\/uploads\/2020\/09\/Product-Development-Strategy-5.png 1344w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Summary\"><\/span><span style=\"font-weight: 400;\">Summary\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As you can see now, a product development strategy is a must for any company. A proper strategy allows you to think over all the nuances in advance and protect yourself from problems. It helps you understand what your product is, what its strengths and weaknesses are at the earliest stage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, product development strategy always includes marketing activities. This is one of the most important points because, without marketing, no one will know about your offer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, as soon as you have decided on an idea, create a website on <\/span><a href=\"https:\/\/weblium.com\/\"><span style=\"font-weight: 400;\">Weblium<\/span><\/a><span style=\"font-weight: 400;\">, write to blog and social networks, and spread information about what you create.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It will not take you much time or money but together with a well thought-out strategy, it will successfully bring your product to market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong><a class=\"button\" href=\"https:\/\/app.weblium.com\/login?lang=en\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Create Site<\/a><\/strong><\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQ\"><\/span><span style=\"font-weight: 400;\">FAQ<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">What is an example of an innovative product?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">An innovative product is a product that is fundamentally different from other existing products. For example, robotic vacuum cleaners. They are an absolute innovation on the market which has no analogs.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What\u2019s a <\/span><span style=\"font-weight: 400;\">product development definition<\/span><span style=\"font-weight: 400;\">?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Product development is a process from product creation to its launch. This can be either creation of a new item or an up-gradation of the existing item.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What is product development?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It is the process of creating a product, from an idea to its implementation.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What are the two ways a firm can obtain new\u200b products?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It can be acquisition \u2013 you can buy an entire company, a patent, or a license to manufacture a new product. Or you can develop a new and original project yourself.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">How to create a product innovation?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Think about who your target audience is and what its pains are. Then think about how you can solve your users&#8217; problems. Don&#8217;t be afraid to generate even the craziest ideas. Then analyze them from a business perspective and prioritize. In the end, you will have a few ideas that are worthy of implementation.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why does product development strategy matter? According to the Harvard Business School survey, the biggest problem faced by entrepreneurs at the launch is the lack of preparation. At the same time, 42% of shutdown startups offered services of gadgets that actually didn&#8217;t solve current user problems. That is, preparation and strategy are obligatory for your &hellip;<\/p>\n","protected":false},"author":14,"featured_media":13991,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[95],"tags":[],"class_list":["post-13990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-startups","has-thumb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Product Development Strategy \u2014 Examples and Key Stages<\/title>\n<meta name=\"description\" content=\"How to define your new product development strategy? 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