Khan wrote in the book “Product Planning Essentials” that research studies have shown an increasing use of a systematic, structured new product development process, with two out of three companies now using a formal product development process. Additionally, some product development planners contend that the product development process begins with a company objective or strategy which orients the product development endeavor. Others say that it is necessary to stimulate the process and an idea should not be constrained through strategic planning. In this article, we will discuss the beneficial steps of creating a product development plan, plus we have various downloadable business plan samples for product development. Keep on reading!

FREE 7+ Product Development Plan Samples

1. Product Development Plan Sample

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2. Pharmaceutical Product Development Plan

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3. New Product Development Plan

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4. Tourism Product Development Plan

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5. Printable Product Development Plan

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6. Standard Product Development Plan

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7. New Product Development Marketing Plan

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8. Product Development Implementation Plan

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What Is a Product Development Plan?

A product development plan is a significant document that presents the main purpose, prioritized goals, objectives, ideas, concepts, methods for product development and testing, and marketing strategies created by a product brand manager or a team in charge of developing the product of a specific brand in their company or organization. It is a well-written guide of integral steps to facilitate achievement in the product development of a business firm.  

How to Create a Product Development Plan   

When you create a clear and structured action plan for product development, you need to consider different types of approaches and processes such as strategy-driven product development, market-pull product development, technology-push product development, market-pull and technology-push combo, and others. In this matter, we suggest that you follow the simple steps below while freely using one of our company product development plan templates in this article:

1. Search and identify opportunities in the market

One of the primary aspects that you need to consider in creating a product development plan is searching and identifying possible opportunities in the market. The purpose of this step is to delineate a specific direction to initiate the product development process. You need to make an outline of the opportunities that can help you start developing the product of your business. 

2. Develop an idea or concept

Your product development plan should have a basic and cohesive set of potential new product ideas which are gathered together. The more ideas and concepts developed, the better. There are many idea or concept generation techniques that exist such as storyboarding, mind mapping, sketching, etc. After this, you will get a pool of interesting concepts that meet a given preliminary set of criteria. 

3. Demonstrate innovative product methodologies

Discuss efficiently with each member of your product brand development team as you interchange different views and suggestions about crucial product development strategies and methodologies. Demonstrating the basic framework for structuring, planning, and controlling the process of developing a product is an essential step. Your product methodologies provide the details about the product requirements, design, testing, etc. 

4. Provide effective sales and marketing strategies

Then, provide essential information concerning effective sales and marketing strategies of your product development project. Some examples of marketing strategies that must be in your plan are internet marketing, social media network, viral marketing, paid media advertising, and many more.  

FAQ

What are the important stages of product development?

The important stages of product development are idea generation, idea screening, concept development and testing, developing an effective market strategy, product development, market testing, and market commercialization. 

What are the strategies of product development?

The fundamental strategies of product development are market penetration, product development, and market development and expansion. 

What are the benefits of a product development plan?

Using a product development plan will help a business person in carefully managing the planning and development of a particular product for the company. It is significant in creating an idea into a product and making sure that it goes to the market effectively. 

What is the main purpose of a product development proposal?

A comprehensive product development proposal has the core purpose of persuading a potential client or investor in developing a particular product based on what has been proposed or offered by the company. 

Ankit Samrat said: “I never aspire to sell miserable products. Like we all have greed, fear, and strong emotions and supposedly I am creating projects focused on it to get a quick attention. Sell something that empowers and raises humanity.”  We recommend that you provide a schematic of your product development process to frame anticipations for your product development initiatives. Doing this will assist you in understanding the mandatory steps and criteria that are needed to get your products to arrive in the marketplace. So, get a product development plan template today to continue on your product launch plan

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