It is very important to create a concept or set of characteristics that describe a product, as consumers seek product concept.
Developing new product ideas
Every idea is always a process culminating in a place of our mind to be taken into account when satisfying the desire to a particular need. Here are a few steps that must be done, study, evaluate to start innovations and or new products.
Screening of Ideas: the generation of ideas aims to create a large number of them. The purpose of the subsequent stages is to reduce the number of ideas. The first step is the screening of ideas. At the screening stage, the company should avoid two kinds of errors. EXCLUSION error occurs when the firm dismissed an idea that is good. Some firms are estremecen when they think about some of the ideas that have ruled out: If a company makes too much mistakes of EXCLUSION, their standards are too conservative.
Go ahead error occurs when the company allows a bad idea to pass to development and marketing. This results in products which lose money or producing disappointing profits.
The purpose of the classification is to detect and discard bad ideas as soon as possible. Most companies require their executives to write ideas for new products in a standard format that may be reviewed by a Committee of new product. Describe the product, market competition and goal and make some estimates approximated the size of the market, price of the product, time and costs of development, manufacturing and rate of return.
Development and testing of concepts: ideas that survive must be developed now in the product concepts. It is important to make a distinction between an idea, a concept and a product image. The idea of the product is that the company can offer to the market. The product concept is an elaborated version of the idea expressed in significant terms of consumption. An image of the product is the particular perception that consumers acquire an actual or potential product.
The idea is to create a concept or set of features involving a product, in this way the consumer will not buy an idea of the product; they buy a product concept. Market analyst work consists of developing this idea to turn it into some alternative product concepts, evaluate the attractiveness to consumers and choosing the best.
Define customers and target market
The crucial point in the development of products are the wishes of the customers. But who exactly are your clients? Existing customers are an advantage in some fields of the industry where you can sell from time to time replacements or upgrades of its old products to the same customers. Their names and addresses are a fortune in new product development and its marketing future, and therefore they should be carefully stored in the registry of the client of the company. Cars are one example of products, consumers of which are relatively loyal to the brand. In this case even the names and addresses, updated, a large number of recent customers are well-known to the company, because of annual visits that the owners of cars usually make to the workshops of the service.
It is not compulsory to accept the range of customers in the last year as our future goal. Instead, we can start from one much larger group, for example the population learns of the country and try to find a suitable segment of She: a group whose special needs could cover the company better than the competition. For this group of clients must create products that exceed the competition.
Anyway, more common is that their new products should be sold not exactly to the same individuals or firms that were customers the year before. However, your customers will usually belong to the same socio-economic group. If you think that this is the case, you will want to define this target group of customers in a way such that it becomes possible to bring them to market research, and perhaps also invite some of them take part in a team of product development. See discussion on how to define the population to be studied.
Starting immediately create a product requires resources and money is only one of many resources. It is very likely that you don't have enough money or time, but I am convinced that is easier to get money in the short term while. Based on this idea, I leave you some tips that many have put into practice with good results.
Focus: Please bear in mind that move does not mean progress. You should flee all that involves doing things without getting results and unproductive activities. I already said that all of this will require much effort but the effort itself produces nothing and You must both rating that your effort brings about progress.
A timeline of activities that you can periodically to assess your progress will be very useful since the start of the project of creation of your product.
Starts with a "Kick-Off": this word means launch and is much used in American football games to express the moment of the initial kick. As well, allow you start creating your first product with a "Kick-Off" trying to launch, that initial moment, walk across the Court and if it is possible to remove the ball from the stadium. Put it another way, allow yourself long enough, from a sunset to Sunrise, a whole afternoon, a full weekend, but While you can't afford and sufficient to have a full schedule that will allow you to organize the following sessions of progress in your project, and a good part of the well-drawn.
Determine what clients and intermediaries want. All the people who try it sell it or use it must be taken into account when a new product is developed.
The product must have all of the essential features that expect to find consumers. Consumers look at the key features described in the formulation of the concept of product. This product performs properly in normal use, its production will be in accordance with the costs budgeted?
Creates a brand and get an already existing product license: this is another option in which I have no direct experience but it is a totally viable option and that I do not rule out to explore in the future. You can contact with someone who has a product developed in another market and get that you suit it to a brand that you're going to explode in your market. Your margin will be much more low than if the product itself out but is also true that the initial investment both in time and money will be much lower.
Business plan creates a section of market study that describes in detail the recipients of the product. You need to have information on who would be the customers of the new product, what kind of shopping habits have, who would be competitors, what competitors are doing, what niche are directed and all other relevant to the study of market data.
It includes a section of marketing strategy that describes how to advertise and promote the new product effectively. This section is very important to most investors, because it goes to the heart of how they will recoup its investment.
Describes how to fabricarás the new product in a section of the business plan operations. You must include all the necessary resources to bring the product to market.
Produces a section presenting the experience and qualification of the management team. Most investors know that the qualification of the management team is so important to the success of a business as the quality of the product.
It includes data and financial projections for the new product. Financial projections are crucial to investors, since exposed how much could receive investors as a return on your investment.