Product is the primary and most important asset of business which will decide if your business will grow in the right direction and on the right scale, which makes it important to select the product correctly, however it’s also important to develop your product according to the market. There’s a thin line of difference between selecting your product and developing your product, each has its own process and benefit, let us have a look at the difference of each one of them.
Pre-process and Post-process
While one is considered as the part of the pre-process, product development comes under the part of post-processing. Product selection is done on the basis of various criterions and hence the decision is influenced through such factors, whereas Product development takes place once the product is already been selected and is in the market. Product development mostly focus on the various approaches to improve the quality of the product, enhance and increase the effectiveness, leading to improvement and more sales for the business.
Research and Development
Of course, product selection requires research, market surveys, and trial and error method but Product development requires extensive research and various processing. The definition of product development is to enhance and evolve the product further, which is why the Research and development would be on a larger scale for Product development, compared to Product selection.
Let’s take an example here, for a car brand owner, selecting the model, the logo, the design and product comes under Product selection but improving the model, changing the design and evolving the product into a different and enhanced version comes under the scope of Product development.
Expectations and Results
It is not possible to judge or expect the results or outcome of your business just by selecting the right product. The demand of a consumer keeps on changing, with the changing seasons, and hence there always lies a possibility of failure. However, under the concept of product development and the processing, you have some results from the trial and error method and can predict the expectations of your consumer or the target audience.
Product selection and designing
Have you ever looked at a blueprint of a building before it is built? Architects entrust their plan, their vision into a single piece of paper, which they call a blueprint and the then structure is built with necessary resources, process and development. Similarly, selecting a product is a blueprint, designing and developing the product, processing it through various resources and methods is a part of building a structure brick by brick for every business.
Selecting a product by considering the various criterions available, just requires vision and understanding about the future of your business, however, the product development part includes various technical and complex processing which requires professional expertise, every step of the way. As we looked at the earlier point, the designing is done, brick by brick and hence the area and the level of expertise differ at each part.
Now the term significance here does not mean the difference in the level of importance between Product selection and product development. Rather, it means the level of significance it holds on the final result, that is the profit. Planning about a product is one thing, but the significance or the key is in product development or the designing, most of the time it does not match with the expected results derived from product designing.
Time & Money invested
A business is launched once the product is at its end-stage or in the finished process. However, most of the time and even the investment is not spent on selecting a product but on the development of the product. This explains to us how much should we emphasize in each of the categories. Product development would require a lot of time and a lot of money to be invested while indulging in the processing. As any particular development process can help evolve or enhance your product and increase your sales.
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