product-development-strategies

Vocabulary Word

Definition

'Product-development-strategies' are well-thought-out plans for creating and launching a new product. They involve steps such as understanding your customers, deciding on the product details, creating a timeline, and determining the best marketing approach.

Examples in Different Contexts

In market expansion, 'product development strategies' involve adapting or developing products to enter new markets or segments. A business strategist might say, 'To support our international expansion, we're employing product development strategies that consider local consumer preferences and regulatory requirements.'

Practice Scenarios

Business

Scenario:

We're planning to introduce a new line of active-wear. It's crucial we understand customer needs and preferences in this market segment.

Response:

In developing our product strategy, we should conduct market surveys for insights into customers' preferences for active-wear.

Design

Scenario:

The office furniture market seems saturated. We can differentiate our products by focusing on contemporary designs and sustainability.

Response:

Incorporating contemporary designs and sustainability in our product development strategy could indeed make us unique in the office furniture market.