What is Product Development? It can be defined as a continuous process that involves improving an existing product or developing a totally new product in order to target a particular market segment. It is focused on developing systematic methods for guiding all the processes involved in getting a new product to market.
Why choose Promatics as your product development partner?
Promatics designed and implemented entire website from scratch. It was such a pleasure to work with their team! They were very responsive and great at finding solutions to problems... Read more
Our experience and successful launches for various clients
We help been helping various companies with every phase of new product development - Market study, idea generation, concept feasibility, product development, test marketing and product launch. We have senior and experienced executives and developers who have consistently proven their mettle. Our consultants have developed innovative frameworks and have enhanced their technical capabilities to ensure the development and launch of efficient and abundant new products in any required market.
Promatics has been delivering Web as well as Mobile products for start-ups, mid sized and large enterprises. In case of the start-ups we offer flexible go to market strategy like building MVP first then we give feedback and suggestions based on our experience and market understanding and get benefit of the latest technologies since we have a strong process that backs our product development.
At Promatics we have a simple process of Product development that consists of phases.
– We assess the current product portfolio, the opportunities and the related threats using SWOT analysis. We then determine the type of product that would be the best fit with the corporate strategy and its pricing strategies.
– The process starts with an idea generation, screening, concept development, and market strategy development.
– This is a process where we use qualitative as well as quantitative methods to evaluate customer response to an idea of a product before its introduction into the market. It involves determining critical success factors, marketing mix strategies like pricing, promotion and placement. It helps to avoid costly mistakes at earlier stages.
– This is a process where we prepare a device, a system or a technique that illustrates the feasibility of the solution to a problem. It involves testing and proofing concepts and communicating the concepts to all the stakeholders such as product development teams, management and customers.
– This phase involves a selling experiment carried out in a test market where buyers are not aware of the evaluation exercise. This experiment may last for a few weeks or months. We observe the actual performance of the product against the proposed marketing plan.
Launching a product
– Launching involves introducing the product into the market via advertisements and promotions. There is a go-to-market plan in place, we also conduct sales training, a distribution plan and then we set the launch date.
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