Product development encompasses several key stages starting from idea generation, idea screening, concept development, market strategy, market testing to the final stage of commercialization or entry of the product in the market. All this entails thorough and comprehensive research before finally launching the product.
Idea Generation/Idea Screening:
Involves brainstorming sessions that focus on customers’ problems and finding the right solution. Raw ideas are shortlisted for discussions before finally selecting the one for implementation. Screening revolves around choosing the idea that has the maximum potential for success.
Concept development/Concept Testing:
It is one of the primary stages of product development once the idea is generated and screened. Concept development is carried out while considering the requirements of the customers and the nature of the product. Concept testing is the stage where it is presented to a set of selected customers for feedback. If the concept does not show potential then it is advisable to repeat the idea screening step.
It is a business plan for reaching the audience targeted and turning them into potential customers of the product/service.
It is to gauge and analyze how the product will perform when introduced in the market. It is based on certain surveys that aim to assess how the market will react and respond to the product launched.
Entry or Commercialization of the Product:
it is the final stage when the product is ready for delivery and distribution to the target market. The stage also involves comprehensive assessment and analysis of potential competitors.
A patent is the right granted to the originator for his creation or invention. This right gives him the authority to stop and exclude others from copying, making use of or selling his creation. A patent safeguards an individual’s right over his invention. You can establish sole ownership over your invention by registering for a patent.
The invention should be novel, unique and one of its kinds and there must not be a prior existence of the creation. Relevant information is to be disclosed to the patent officer. This is done by signing an agreement with the Patent Office. Extensive research is carried out by the patent office for evidence in order that they may prepare a patentability report based on the invention.
Filing a Patent Application:
In this step the patent application is prepared. It involves preparation of a document which describes the invention. This patent application is then filed with the Patent Office.
This refers to the correspondence between the patent attorney representing the inventor and the Patent Office.
Abandonment or Grant of Patent:
If the application meets all the requirements then the patent is granted. In case the application is rejected, the applicant may appeal the decision to an independent board.
There are benefits of getting a patent. It protects your invention from theft. No one can claim rights over your invention. It grants you the exclusivity of your creation transforming your idea into a brand. This leads to higher monetary value and profit margins.