Product Development
A successful product development strategy provides the framework to orient the project as well as its development process. The strategy takes into account the patent's capabilities (strengths & weaknesses of the patent’s claims), the client’s vision, the competition's capabilities (strengths, weaknesses, core competencies and strategy), market needs and opportunities, goals, and financial resources.
Patents2Market is committed to providing the best product development practices and the starting point is focusing on you, our client and listening to your perspective and ensuring you are effectively involved in the product design and development process.
Product Design & Development Consideration
Time-To-Market
Ensures getting a product to market as fast as possible. This is typical product development for rapidly changing technology or products that change rapidly. This strategy generally requires tradeoffs in optimizing product performance, cost, and reliability but is generally adopted in a highly competitive and fast moving marketplace.
Low product cost
Focuses on developing the lowest cost, highest value product. This strategy is typical of commodity based products, products in a mature phase of their lifecycle, and in a shrinking marketplace. Typically, this development strategy requires additional time and development cost to optimize product cost and manufacturing processes.
Low development cost
Is oriented to developing products at a low cost. Typically, this strategy is used where capital constraint is an issue and for lower cost commodity based products. Typically, there are tradeoffs that may impact innovation, product performance, wholesale value and reliability.
Product performance, technology and innovation
Focuses on the highest level of product performance, functionality of features and the latest technology or highest level of innovation. This is typical for high technology products, but not commodity based products. The tradeoffs are potentially higher development costs and longer product development cycles.
Quality, reliability and robustness
Are product development strategies that ensure high levels of product quality, reliability, and robustness. Typically, industries that require high quality because of safety, high costs of product recalls and requirements of reliability orient their manufacturing processes to these strategies. The tradeoffs are additional time required for planning, testing, product certification and government approvals.