How to develop new products

                 Generate ideas for new and modified products: for example, from customer feedback, employee suggestions      and technical developments.   

  • 2 Assess how these ideas fit with your strategy, market position and skills; confirm that you have the resources to devote to development.
  • 3 Research the market, assessing customer requirements and sales potential; identify key risks and plan your marketing strategy.
  • 4 Research the competition and potential competition; learn from competitors’ successes and failures.
  • 5 Form a project team covering all the key skills (eg marketing, design, production, purchasing and finance) and led by a product champion.
  • 6 Plan the critical path, identifying which activities must be undertaken first and which can happen in parallel.
  • 7 Set budgets, objectives and timescales; regularly assess progress during the product development project and, if necessary, modify plans.
  • 8 Assess other risks to the project such as technical hurdles and whether your intellectual property can be protected.
  • 9 Define the basic product specification and translate specific features into product requirements; identify your key selling points.
  • 10 Estimate the likely selling price and set target production costs; assess likely actual costs of development and production, allowing for contingencies.
  • 11 Design the product, taking into account marketing, production and purchasing requirements.
  • 12 Develop a prototype : iron out technical and production issues and to test market reaction; make any necessary changes.
  • 13 Gear up for full-scale production and launch the product.
  • 14 Continue to monitor the product’s success and look for opportunities to further develop it.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s