Go to https://coggle.it if you have a gmail account, www.bubbl.us/ or http://www.xmind.net create an account. These software can assist you in the brainstorming or organization stage of your projects.

Questions to ask about your product

 

1. Idea Screening

 

  • The object is to eliminate unsound concepts prior to devoting resources to them.
  • The screeners should ask several questions:
    • Will the customer in the target market benefit from the product?
    • What is the size and growth forecasts of the market segment / target market?
    • What is the current or expected competitive pressure for the product idea?
    • What are the industry sales and market trends the product idea is based on?
    • Is it technically feasible to manufacture the product?
    • Will the product be profitable when manufactured and delivered to the customer at the target price?

 

2. Concept Development and Testing

 

  • Develop the marketing and engineering details
    • Investigate intellectual property issues and search patent databases
    • Who is the target market and who is the decision maker in the purchasing process?
    • What product features must the product incorporate?
    • What benefits will the product provide?
    • How will consumers react to the product?
    • How will the product be produced most cost effectively?
    • Prove feasibility through virtual computer aided rendering and rapid prototyping
    • What will it cost to produce it?
  • Testing the Concept by asking a number of prospective customers what they think of the idea - usually[citation needed] via Choice Modelling.

 

3. Business Analysis

 

  • Estimate likely selling price based upon competition and customer feedback
  • Estimate sales volume based upon size of market and such tools as the Fourt-Woodlock equation
  • Estimate profitability and break-even point

 

4. Beta Testing and Market Testing

 

  • Produce a physical prototype or mock-up
  • Test the product (and its packaging) in typical usage situations
  • Conduct focus group customer interviews or introduce at trade show
  • Make adjustments where necessary
  • Produce an initial run of the product and sell it in a test market area to determine customer acceptance

 

5. Technical Implementation

 

 

6. Commercialization (often considered post-NPD)

 

 

7. New Product Pricing

 

  • Impact of new product on the entire product portfolio
  • Value Analysis (internal & external)
  • Competition and alternative competitive technologies
  • Differing value segments (price, value and need)
  • Product Costs (fixed & variable)

 

Forecast of unit volumes, revenue, and profit


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