Learn about developing a concept – What is concept development?

Learn about developing a concept
Developing a concept

Every day, whether it be at work or in business, we make discoveries that inspire a new concept or idea. However, a few of these concepts live to reach the execution phase, and you sometimes wonder “why?”. In this article, we corroborate the significance of developing a concept and the different steps convenient for implementing a business idea.

Why should you be developing a concept?

Developing concepts are an integral contributor to the success of a business. Presently, innovation is not that much of an option to shy away from. It is a price that many businesses have to pay to compete successfully and stay relevant in the market. The business markets have become a place where consumer expectations are on a constant rise and their attention has become harder to attract. Therefore, every business has to constantly figure out ways to compete for relevance.

Staying relevant comes with an understanding of the market needs. Consequently, making improvements where necessary and developing concepts to meet consumer expectations.

What is concept development?

Depending on the industry you are in, the phrase concept development carries many definitions. In marketing, it is interpreted as a process of generating ideas for a product or service to meet a set of identified needs. In contrast, this is because marketing is about focusing on the opportunities available to satisfy customer’s needs, increase sales, maximise profit and lead the competition.

To illustrate, the steps below set forth how a business can engage and assess the process of bringing a new concept to life. The purpose of the process is to showcase feasibility and practicality of developing concepts. Remember, concept development is more of a simulation than it is an analytical process; therefore, it requires adequate time to develop and carry out. In this case, we focus on the steps necessary for new concept development.

The process of concept development

The process involves bringing a new idea to the marketplace. This may be because of changes in consumer preferences, an increasing competition or it could be a way to capitalise on new opportunities. These steps serve as a guide to help decide how to allocate resources when developing a new idea into a concept.

Learn about developing a concept
The process of developing a concept

1. Generating and screening ideas

A successful new concept development process begins with identifying ideas and using a reliable criterion to decide which ideas are plausible to pursue. In excess, using more than one idea is possible. Research is necessary to help you align your concept with your customer expectations.

2. Idea development and screening

A time-intensive step which involves testing your new idea by defining it.  Further, testing it with your market to determine whether it will be a success.

3. A business analysis of the new concept

The step is for ideas that have passed the screening phase, thus an advanced and detailed business analysis is required. A business analysis will help you drop inappropriate ideas and avoid unnecessary costs, therefore allowing your idea to develop into a solid concept.

4. New concept prototype and testing

Developing a prototype of your concept allows you to bring it to life. This is the most rewarding phase as you prepare to test it in the market. The concept should closely align with the identified objective.

Strategy development

With a well-considered new concept, a strategy can only help you organise your marketing plan. Developing a new strategy will aid with the right planning and resource allocation of the project.

Your marketing strategy and marketing plan will direct your launching and, help you make the most of your concept and exposure opportunities.

Launching and commercialising

Launching a new concept into the market is a remarkable business achievement. As this is the most important step, deciding when, how and where to launch your concept will define the impact you make in the market. Take your time and invest in the resources and expertise you need to perfect your execution. Once the phase is implemented, it is mandatory for the business to continue monitoring their performance.

In closing, concept development is not only limited to, product or services. Other different marketing concepts that can be looked into growing a business may include and are not limited to;

  • Marketing concept development uses a consumer centred approach. It focuses on bringing attention to a business’ offerings.
  • Production concept development focuses on improving production and the business distribution efficiency.
  • Selling concept development focuses on sales and growing business transactions.

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The importance of side projects and hobby therapy

Side projects and hobby therapy

Side projects and hobby therapy
The importance of side projects and hobbies

We look at two of the greatest names that have made a success for themselves working on side projects. Further, we discuss the importance of working on side projects.

These individuals have become synonymous with the ideals and concepts of their subject matter. In like manner, this has placed their contributions and body of work amongst those worthy of studying. Today, we consider them experts because of their love, passion and unprecedented way of having fun.

Albert Einstein started his first job as an assistant clerk at an office. He spent most of his free time working on theoretical physics. He published a number of science articles, where he established what we now know as Theory of Relativity.

Walt Disney started hand-building steam trains in his backyard as a hobby, he went about rendering a joy ride service to kids and adults around his neighbourhood, his hobby was further developed into a bigger idea that set up an enterprise that we know today as Disneyland.

Noticing what these two greats have managed to do for themselves. Don’t you feel that everyone and yourself included should have a personal side project on the go? If you ask us, we feel that’s true.

Everyone should consider doing something outside of their full-time jobs. Whether it be starting a blog, taking photography lessons, creating a new website for yourself, non-profit work, or even acquiring new skill sets that will give you an advantage at what you do. The list is endless on what you can incorporate into a side project. In addition, not only does it keep you busy, but there is a value that comes with it.

Side projects can help you a lot with personal growth. This varies from professional development and establishing new opportunities in your discipline. Also, providing you with much-needed energy and therapy. For instance, helping you feel relaxed and in control outside of work. Enabling you to deal with any psychological defects that could be growing due to not having anything to do in your free time.

5 Benefits of side projects and hobbies
6 Benefits of side projects and hobbies

In addition, always find valuable reasons to get into side projects, be helpful and collaborative whenever you find an opportunity. As part of the conversation, we thought it would be better to make a list of benefits that comes with creating your own work, we’ve noticed that side projects:

  • Build more work for your portfolio,
  • Encourages creativity,
  • Increases your learning,
  • Expands your territory and comfort zone,
  • They are low risk, low pressure, and productive fun,
  • They help you understand your ideas better

In conclusion, you know we can never mention projects without creativity. Creativity is the ability to join ideas or bring about so-called new concepts to life. The process has been known to be for the rebellious people, those who break out of their way to do more for themselves. Therefore, these are individuals that seek to bring about what’s not in existence to life. They know that success is influenced by the need to be creative. Seek to be creative, and be your own therapist, remember these five important points to keep you going:

  • Doing a little bit for yourself won’t hurt
  • Your work is your voice
  • Always seek to find yourself in order to establish where you’re going
  • Do your own work to reinforce yourself
  • Always finish what you start
  • Do things that you enjoy and have lots of fun!

We’d love to hear from you too! Are you working on any side projects? So, feel free to drop a link in the comments and share your thoughts on the topic, maybe you can meet other collaborators in the effort!

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