Developing a new product Flashcards
What is the first step in developing a new product
The first step in developing a new product ti think about the product itself i.e. What is special or proprietary about the product? and is the product patented? Furthermore, are there similar products out there and are there any substitutions ? Moreover, what are the advantages and disadvantages of this new product ? and how does this product fit in with the rest of our product line.
What is the second step that we must consider in developing a new product
The second step that we must consider in developing a new product is to think about the market strategy ? Meaning how does the production of the new product affect our existing product line ? Also , are we cannibalizing ( ending out ) one of our exiting products? and are we replacing an exiting product?Moreover How will this expand our customer base and increase our sales? Adding to that how will the competitive respond ? also what are the barriers to enter this market? Then who are the major players and how much market share does each have?
What is the third that we must consider in developing a new product
The third step that we must consider is to think about the customers? Who are the customers and how we can best reach them and how we can ensure that we retain them?
What is the fourth step in developing a new product
The fourth step is to think about financing , which means how is this product being funded? and what is the best allocation of funds? Furthermore, can we support the debt what if the interest change and what if the economy sours?
