- 🔝 Top 5 Product Development Strategy Examples
- 💡 Product Development Strategy: Basics
- ✅ Product Development Strategy Requirements
- 🚀 Analyzing a Product Development Strategy: Template
- ✨ Product Development Strategy Examples
- 📝 Product Development Strategy Research Paper Examples
- 💡 Essay Ideas on Product Development Strategy
How do successful companies like Google decide on their new product? Well, they do it with the help of a product development strategy. Want to know what it is? Keep reading!
Here, you will find an explanation of product development strategy types with plenty of examples.
🔝 Top 5 Product Development Strategy Examples
- Lush Cosmetics Marketing Plan – Strategies & Issues
- Product Development Life Cycle Phases
- Etihad Etisalat Company's Marketing Tactics
- Etihad Airways and Business Internationalization
- Mattel Inc.'s Transformational Vision
💡 Product Development Strategy: Basics
A product development strategy is a framework that brings new products to the consumer. It also helps change existing products into something that can be more profitable. An approach like this allows companies to create the best conditions for a new product to succeed.
What Are the Four Product Development Strategies?
There are four product development strategies: market research, user research, testing, and product launch
- Market research is collecting information about the company’s target market and customers.
- User research is focused on collecting feedback.
- Testing allows you to evaluate the product’s features.
- Product launch is the process of debuting a new or updated product.
Why Is Product Development Strategy Important?
Product development strategies are essential because they help create a valuable product for the customer. This process allows companies to grow as they succeed in selling products and learn new ways to adjust existing products to serve the company and community better.
✅ Product Development Strategy Requirements
For creating a product development strategy, the following requirements are necessary:
|Decision-Making Empowerment||Trusting teams to make decisions, allowing innovation to move forward.|
|Traceability Analysis||Proving that the product meets specific regulations.|
|Purposeful Collaboration||Bringing data and people together to put research to the best use.|
|Reusing and Rethinking||Intellectual property (IP) can be used to make something new out of something already profiting.|
🚀 Analyzing a Product Development Strategy: Template
Need to analyze a company’s product development strategy? Follow the steps below:
- Look at how a company reaches its target market. How does it fill the need of the customers? What is good about their product or service, and what can be improved?
- Identify customers’ motivation to use the company’s product. How do they plan ahead? Is there room for eventual expansion? If it is a service, does it have a free option with a premium subscription available?
- Look at the company’s current and future competitors. How does it stay different from them? How does it make its product stand out?
- Look at the company’s competition and make a SWOT analysis. What are the company’s goals? How does it set a timeframe to bring its projects to completion?
✨ Product Development Strategy Examples
Below, we’ve gathered some of the best product development strategy examples. Check them out to see how successful companies plan their new products.
Google Product Development Strategy
Google is constantly working on developing and launching new products. They release beta versions to test the result of their work and collect feedback. This feedback allows them to improve the product before the official release.
Nike Product Development Strategy
Nike spends a lot of resources on researching the consumer’s needs. They test their products and use strategic promotion campaigns. These factors allow Nike to be a leader in its industry.
Tesla Product Development Strategy
Tesla’s strategy is to invest in research and development. They focus on reducing the environmental impact while advancing their technology. This method distinguishes them from similar companies.
Samsung Product Development Strategy
Samsung is famous for its excellent Product Innovation Team. The team uses four steps in their development process: understanding, ideating, concept development, and concept finalization. This process allows Samsung to keep its leading position in the market.
Netflix Product Development Strategy
Netflix development team works with hypotheses. They make a hypothesis, research it, and then integrate the results into the platform. After that, they use consumer response to measure the results. This real customer value helps Netflix innovate successfully.
Other examples of companies with excellent product development strategies are:
Read on to discover more product development strategy examples used in business management today!
📝 Product Development Strategy Research Paper Examples
- McDonald’s Company Information System Performance ManagingMcDonald’s company serves about 70 million customers around the world, who are located in the more than 100 countries where it has operations.
- Apple Objectives, Goals for the Future, and Mission: Procurement AnalysisResearching Apple Objectives 🎯? Apple Incorporation is one of the leading American manufactures that has specialized in the production of 📱 electronic devices. Discover objectives of Apple company, its goals for the future, and mission.
- Shipping Company Expansion PlanThe purpose of this paper is to provide a detailed expansion plan for a leading shipping company. The company was founded over forty years ago in Saudi Arabia.
- AT&T Company AnalysisThis report looks at the strategic analysis of AT&T, which is an international corporation in the telecommunication industry. The report focuses on both the company’s internal and external analysis.
- Coca-Cola and Pepsi Companies' Different StrategiesThis study analyzes strategies used by Coca-Cola and Pepsi by viewing national and international issues related to consumer preferences and post-recessionary impact on the firms.
- Nivea Company's Marketing in the United KingdomNIVEA’s goal in the UK is to ensure every customer has access to its products. The firm’s innovative products are aimed at fulfilling the needs of the targeted customers.
- Natural Resources and Economic Development NexusCountries that have natural resources are perceived to also have better bargaining power on the global platform.
- Tesla Motors Company's New Product ManagementTesla Motors has done a great job of managing its new products right from designing stages, to assembling and to the current selling process.
- Motorcycles Organization: New Product Development ProcessThis paper presents a case study of an organization transitioning its production from the middleweight motorcycle category to the larger touring class.
- Product Life Cycle: Term DefinitionProduct life cycle in this case is taken to mean the succession of the many varying stages by which a product is said to undergo through.
- Nucor Corporation Strategic ManagementNucor's success can be attributed to several strategic options that the company adopted following the financial difficulties it faced in the 1960s.
- The Product Life Cycle in Business AreaThis paper critically evaluates the literature that supports and criticises the Product Life Cycle concept and gives a balanced argument using case examples.
- Product Development Process in Contemporary EnvironmentNew product development and innovation are crucial in determining the success or failure of a company. This paper analyses concept of the product development process.
- McDonald’s Company’s Strategic ManagementThe report is a marketing report aimed at finding and analyzing the strategies adopted by McDonald's to capture the market share and sustain it.
- Planning and Developing a New ProductPlanning and development are important preliminary steps that account for a major part of success before the product reaches its market.
- Toy Company: New Product Development and BrandingThe business environment is very turbulent hence is quite imperative for all manufacturing industries to have strategies that can enable it gain competitive edge.
- E-Commerce and New Product DevelopmentElectronic commerce entails the process of purchasing, selling, distribution and servicing products and services through various computer networks such as the internet.
- Hyundai Motor Company's Market Consulting ProjectHyundai Motor Company was founded in 1967 in South Korea by Mr Chung Ju Yung when there were other key players in the market.
- Applying Cannibalization Methods to Marketing StrategyThis paper discusses examples of the real companies that have undergone processes of cannibalization as a way to boost profits and gain a competitive edge over their competitors.
- A Tourism Product's Marketing PlanThe paper aims to illustrate how the firm can effectively launch the product in the market and attain a competitive advantage both in the domestic and foreign markets.
- Trends in Consumer PreferenceAccording to Barrow, the prevailing trends in the market may be looked at from the perspective of consumer preference and from the perspective of product development.
- Lean Management: Focus PlasticsLean management is viewed as one of the best ways to solve the issues observed in Focus Plastics currently. LMt is the system of breaking the problem into several manageable elements.
- IT in Marketing - Online Discussion GroupsInformation technology has gained a wide range of uses in marketing which has aimed at improving operations as well as quality of products being developed.
- ‘Ansoff Matrix’ Application in EnterprisesThis matrix is used by marketers who have objectives for growth. And it offers strategic choices to achieve growth objectives for a company.
- Developing and Introducing a New ProductThe new product development is the ultimate product as a result of the analyzing, designing, developing and brainstorming of the ideas and creativity.
💡 Essay Ideas on Product Development Strategy
- Hot Nodle: A New Product's Marketing PlanA new product enters the market as the result of the innovative steps in the new product development process. The new product is a brand of noodle called the Hot Nodle.
- Coca-Cola: Product Development AnalysisThis paper aims at analyzing some of the reasons that have made some products successful while others fail to gain market.
- Subway Franchise's Positioning StrategyThe changing social environment and the lack of proper marketing campaign strategies that support Subway's repositioning are limiting rapid success in terms of market penetration.
- Foo.go Development Strategy Case StudyThis essay will look into the reasons why the brand from a small independent operator has achieved great acceptability considering the competitiveness of the market.
- The New Product DevelopmentThe New Product Development is the term employed to give explanation the whole procedure of bringing a very new manufactured goods or services to the marketplace
- Research of the Concept 'The Marketing Scene'The marketing scene is the vital activity in the current scenario for the promotion and making the products much familiar and within the short range of the people.
- Strategic Project Management. Product DevelopmentThe high rate of globalization has led into a shift within the business environment. One of these changes is evident in the high rate of competition among firms.
- Reckitt Benckiser: Building a Brand PowerhouseThe following paper examines the case study of Reckitt Benckiser Group PLC, to analyze the ways such a company can achieve and maintain a high market position.
- Product Designing and DevelopmentThe paper aims to analyze the competitive environment to develop a competitive edge for the new digital camera designed by the firm.
- Leadership Abilities Development PlanThe purpose of this paper is to describe the leadership abilities of the author and present a plan for improving them on a basis.
- Factors Related to Effective LeadershipBill DeBlasio and Andrew Cuomo are examples of political leaders who have achieved prolonged success in the history of the United States.
- The Walt Disney Company: Strategic Management Case AnalysisThe paper describes The Walt Disney Company's history, services, vision, and mission, using Abell's model, which represents the served market, goals, and strategic objectives.
- Apple Inc.: Challenges and StrategiesThroughout its history, Apple has been facing several challenges but managed to deal with them through well-thought strategies.
- Theft of Intellectual Property of an Oil CompanyThis paper examines the theft of commercial secrets of an oil company by an employee of another state, comparing this case with similar ones.
- Operations Management: Chartreuse Apple Pie Case StudyThe top most level shows the end product and in our case this is Chartreuse Apple Pie referred to as the single level.
- Starbucks Company's Overview and Competitor AnalysisStarbucks products' life cycle considerations are essential as they can allow for understanding their popularity, potential revenue, and future opportunities.
- The Blue Ocean Strategy: The Flow of CustomersIn modern times, the level of competition in almost every industry has increased significantly compared to several decades ago.
- Strategic Plan Case Study AssignmentThe organization is facing a need for change to facilitate the performance according to the served community's needs.
- A Business Case: Expansion of Murray’s Cheese CompanyExpansion is a part of a firm’s development. Murray’s Cheese wants to move to bigger premises in Mexico to bring this cheese brand and new production technology.
- The Pizza Cupcake: Sales PlanPizza cupcakes are aimed at solving customers' desire for pizza in a comfortable size, fluffy, and cheesy snack that can be taken anytime from anywhere.
- Improving Employees’ Performance With Non-Monetary RewardsResearching recent changes in human resources management at AlMassaleh Real Estate Company shed light on apparent employee dissatisfaction.
- Marks & Spencer: Sustainability Development StrategiesThis paper examines the current Marks & Spencer’s strategies directed towards sustainability and where they stand within theoretical concepts.
- Aspects of Entrepreneurship in GermanyThe paper states that German law does not provide for restrictions on the registration of commercial legal entities by foreigners in Germany.
- Walmart: The Traits of Leadership and ManagementU.S-based Walmart Stores Inc. runs almost 10, 500 stores and clubs in 24 nations. It also launched eCommerce sites and has auxiliaries in 24 nations.
- Southwest Airlines Assessing and Managing RiskIn the United States and neighboring regions, Southwest Airlines is a major passenger airline company offering low-cost flights across the country and around the world.