Product development is the creation of a new or different product that offers innovative new benefits to the end user.
Business development relates to the process of identifying and executing agreements with potential new customers. Taken further it can also refer to partnering with other companies to deliver product to customers or securing preferential supplier arrangements.
The focus of business development is really on new business and opportunities, as opposed to managing relationships with customers you are already selling to. It’s really about new opportunities to develop and explore in terms of both new customers and also new ways of partnering with others to deliver to new customers. Business development is that first point of contact and relationships, after which customers are handed off to other aspects of the marketing and selling team in terms of responsibility.
When the stereo-typical image of a marketing executive schmoozing with clients and wining and dining buyers this is often a business development executive working on new relationships. Business development often involves a great deal of social interaction and working with new clients to woo them over. This type of sales interaction in many companies is reserved for the ‘big fish’ that represent a significant impact on the business if they become a customer, as understandably Sony doesn’t take every prospective TV buyer out for dinner and a football game. Companies often tailor their business development time and funds to the target opportunities that are available and appropriate to their marketplace
A product can be defined as a collection of benefits that can be either tangible such as a physical item or intangible such as a service or experience. The new product development process involves two simultaneous activity paths. One of these focuses on extensive market research and analysis while the other deals with generating ideas, design of the product and detail engineering.
New product development is the first stage in the product life cycle management process, the strategic process that is used to manage products and market share. An effective product development process helps a company to:
- Grow through the creation of new business opportunities
- Boost profitability for stakeholders
- Increase customer satisfaction through better products meeting specific needs
PRODUCT DEVELOPMENT TECHNIQUES
SCRUM is a simple framework that allows teams to collaborate effectively on complex projects. Through this methodology, product development occurs in small pieces. Each piece builds up on a previously created piece. Working on one small piece at a time encourages the creative process and allows teams to incorporate feedback and make changes as well as to create only what is needed.
Through a small set of rules, basic structure is provided to the teams to allow them to focus innovation on finding solutions to what might other be an extremely daunting challenge.
The Scrum process involves three basic roles. These are:
- Product Owners who finalize what needs to be created
- Development teams who create what is needed and then demonstrate it after which the next step is determined
- Scrum Masters who ensure a smooth process and work on process improvement, team development and product quality
- New Product Development
- Product Modernization and up-gradation
- Product Migration
- Product Testing
- Product Maintenance
Our software product engineering offers:
- Product ideation
- Product Architecture/ Design / Development
- Testing and QA
- Migration, Porting and Internationalization
- Technical Support
- Professional Services