We are preparing some visualised education content, we friends have a small debate on what should be our next strategy to built the final product.
Which of the above point is correct, and have practical values?
My opinion is to go with the first option, to prepare prototype and review it,
It gives us proper feedback and on that basis we could shape the final product.
Note: we don`t have any link to the respective industry.
How should we approach the market with our prototype model?
Prototype it and source some individuals in your target market and do anything you can to get their feedback before committing resources something more full-scale. It can be argued that final is only possible AFTER you have some user feedback.
You mention you don't have a link to the industry. There's your task: make that link. Depending on your resources, there are a lot of ways to target an industry, so I won't get into that. But if your value proposition is something comparatively new for a particular industry, try to source out targets in the space who are more receptive to change. (students in the domain; thought leaders, etc.)
You should definitely get input from a potential customer, possibly even offering a reduced cost for that customer when the product goes live. Market research should be able to point you to a customer with expertise and desire.
The most important thing to remember about the viability of a new product is customer's willingness to buy it. You may have created the best widget in the world in your eyes, but if that widget does not perform tasks that customers need and in the way they need it to work, they won't be lining up to buy it. At that point, you don't have a product, just the results of an interesting experiment
If you've done a market study, then you know who your target market/audience is. It is essential for you to get some end-users in that market to give you some market information on what type of product they would like to see. Find out what the user's PAIN is in this market, especially in terms of what your product can do to alleviate this pain.
Going boldly forth without testing (even if it is not a full prototype) is going to be a wild stab in the dark. Look at the prototype stage as an opportunity to save time, because you should be focusing on 1) What works, 2) What doesn't and how to fix it, and 3) what opportunities did you miss?
Along with this, you may find that the way you approach the market has an impact on your prototype as well, so how you access the market (i.e.: how do users become aware of the product, what influences their purchasing decision, and what is their budget or value proposition for the product) will also shape the final product significantly. So make sure when you talk to potential users in the prototype phase that you're capturing this stuff as well. The "Voice of the Customer" is one of the leading success factors that many often skip and then end up with something that misses the mark... by the time you've corrected and integrated that voice, you've given competitors a chance to adapt/adopt and you've also established a reputation.