Question

What new product would you develop, how and who would you market it to?

Answer 1

Answer:

The development of a product will start with the concept. In the beginning all ideas are good idea. Utilizing basic internal and external SWOT analyses (Strengths, Weaknesses, Opportunities and Threats), which incorporates current market trends. This can be used to analyse your company’s position. Do the market research, Encouraging suggestions from employees and partners

Then from the pool of ideas, reject the unsuitable ideas. Ideas need to be considered objectively, ideally by a group. The specific screening criteria should be set to evaluate the idea.

The selected idea should be tested. This is called concept testing. Using a small group of your customer base, the idea need to be tested to see their reaction. This stage gives you a chance to develop the concept further based on the feedback of customer

Once the concept has been tested and finalised, a business case needs to be put together to assess whether the new product/service will be profitable.

If the new product is approved, it will be passed to the technical and marketing development stage. The prototype model is created, this help to find out exact design& manufacturing methods.

Then do the test marketing. This process is required to validate the whole concept and is used for further changes in product.

After the product or service is finalised. The pricing & marketing plan is finalised. The company can launch the desired product or service in market.

Start the marketing campaign. This will raise the awareness & interest about the product in market. This will motivate the retailer to keep your product & may be associate with your company.