You're sitting at your desk, and suddenly it hits you, throws a wonderful idea for a new product offering "only" for your company in an immediate success. You know they work. You know, everyone wants to buy. Your family loves the idea. We put a lot of time and a considerable amount of money in the development and launch of this product is love, but a year passes and has not sold a single unit.
What seemed at first as an exciting, new, profitableConcept has become extremely expensive, disappointing business for your company. How could this happen?
Quite simply, you were blinded by love, and you fell for the wrong product. More than a business decision was the product of a powerful new passion for you or your business, product development teams. The obsession with this new product was so strong that it is usually the logic of pragmatic business profits shiny who felt that he had promised to pursue ignored. There is nounusual problem. In fact there are about 80 percent of new products and is not exclusively for small businesses. Keep in mind, "new" Coca-Cola, McDonald's McLean Burger and the DeLorean?
What can your company avoid the 'love at first sight "new product failures? Here's how the right and profitable, identification of product required for your business expansion.
Proper planning process of the product
We have a number of existing systems to develop new products in the following combinedpractical process. We explain each step of the process and follow the step by step with an application for a critical appraisal. This system can help design a new range of products for your business with less risk and more control.
It provides a cross-functional product development teams that include representatives from sales, engineering, operations, marketing, finance, executive, legal and other critical for the success of new products. Also protect against aMember of the team to dominate the discussion or decision making. All team members must be an honest criticism and support the project, or new product, the chances of success minimal.
Step 1: Search for a concept
This is the fun part of product development! Creating new product concepts from the stock recommendations of the employee, an engineer or executive functions "think tank" Customer feedback and brainstorming with the team of product development.
Critical question: None.Just as creative as possible within the parameters of your chosen market.
Step 2: Choose the best approach
Review all the ideas generated in step 1 and reduce the number of new concepts to a manageable size. Rank of each new product idea from a number of criteria, strategic business objectives. Some examples of important criteria are:
or production and technological capabilities. Competitive / Legal Environment
financing problems or
or MarketingRequirements
Critical question: Is the product with company resources and objectives?
If the answer is no, you have an idea or point.
Step 3: Develop and test the idea of the product
Turn on the broad, general concepts of products in a particular product idea that will appeal to your target audience. You have to decide how this new product will benefit your customers. It is essential to their direct contribution or reaction to the concept gained marketResearch such as surveys and focus groups.
Critical Question: Do you have your potential customers have positive reactions to new product concepts?
Otherwise, you must change the product or return to step 1. Be sure to objectively analyze your primary research to confirm your answer to this question.
Step 4: Look at the economic potential
Run a complete financial analysis of the potential of your new product. This analysis should be as detailed and realistic as possible.size and cost margins, profit, return on investment, cash flow projections and volume issues are financial considerations to consider carefully.
Critical question: can we produce the product profitably with existing resources of our society?
If the answer is no, you should begin to leave the product and start over. Do not try to manipulate the numbers to the positive financial impact if the impact is actually negative, into account. Remember, love is blind - you trust your numbers.
Step 5:Make the product
After you have answered yes to all critical issues in the previous steps, now and only now, you can start the prototype. This phase of your product development requires a total commitment of budgeted funds and support enterprise in a variety of unexpected ways. This commitment could be the nerve root, and the bag, so be prepared.
Critical question: is the product of work? We do not have the ability to produceand the product cost?
If it is not the answer to both questions, you must prepare additional expenses, such as setting outside help to change the product or the development of a more adequate.
Step 6: Test the product
Roll up your sleeves and get started! Produce a small amount of new product and put into a test market. Your company should have the same marketing, sales, pricing and marketing tactics that will use it in larger markets. This is theTime volume potential, marketing effectiveness and perceptions of customer satisfaction.
Critical question: the test results show the market potential of the market and customer satisfaction?
If you think that the results are not acceptable to abandon or to rearrange the product.
Step 7: Marketing of products
If the answer to each critical question was a resounding yes, you're ready to roll your product in a market introduction. Go for it! StartSale!
Critical Question: Are sales results satisfactory?
One response here means you need to take your marketing program to modify or abandon the project. If the product appears to have potential, it may be time to refine marketing strategies. can help target external assistance to you, change your marketing program.
Although the success rate of new products can increase your business with these steps to help the chances of success by identifying a newProduct with a good profit potential before investing significant resources in society.
crucial question: how can you say, you are finally in love with the right product? Count your gains, of course.
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