Identifying Key Factors for New Product Success

Identifying key factors for juvenile reaping victory It is well known for us that tonic product outgrowth is eer the key for companies success or even survival. And the novel products dont need to be the totally new products, companies bear just bring up approximately improvements, improve customers experience, or exchange a new color, rule to bring to customers new satisfaction and benefit. Then customers will not be tired of something, and customers are always the focus of marketing.solely new product organic evolution process is not a simple process. It is a genuinely analyzable process needs umteen correlative departments such as marketing, institutioning, developing, and manufacturing departments put to work together. Whats more, a new product takes a spirited run a risk, because nought butt joint guarantee that this is going to be sold well. It is very meaning(a) to follow a scientific development process, this faecal matter reduce the risk as much as we raise. At the beginning, we need some ideas, some kinds of inspiration.When customers have some new needs or new engine room is invented, there could be an opportunity for companys new products. These ideas whitethorn also come from one of employees, competitors new product, or governments new policy. In some other word, the opportunity perhaps in everywhere, whenever we think customers need something new, we can develop a new product. Second, the company needs to estimate and break up those ideas, compare with them by separately advantages or disadvantages. And then choose the most hopeful one from many ideas.Try to find a dominance profitable project. And the way to pick it is edifice a model that can measure technology advantage, marketing hooking and earning power. A approximate opinion is a kind of right direction, can lead the following process. Third, since we got the idea, I think its snip to go down a market strategy before the deign part. We need to examine the target market, see what are the size, structure and behavior, and what the level that customers need it, the absolute frequency of Purchase.Describe who would be the potential customers, and then set the cost based on it, and the general price strategy, onward motion strategy, marketing budget, and the possible product sashay for the new product. Fourth part is design and testing part, the reason why I put them together is that I think after a sound testing, the prototype always need to be redesigned. And before the terminal product, there always be lots of testing and redesign commerce to do to transfer the idea to a hearty valuable product. It can also be called the key of the entire new product development process.Fifth, when the new product is ready, all tested by engineers and employees. Its time to be introduced to market. However, sometimes we need to do the Test Marketing, this is a real final testing, and the testers are customers. In general, company would choose a subtle place, like a small town, and try to sell the new products to those customers, and analyze the feedback. Then market department can adjust its market strategy based on the feedback. The test marketing always lasts several months, or can be one year.After the final test, the new product can be introduced to the whole market. This is a scientific way to develop a new product. But as I said before, nobody can guarantee that this is going to be successful, even if it did a great business in test market. But what reasons cause a fail product? I think one of those reasons is fail to estimate the true potential of the market, if exaggerating the market potential, in which can bring some very spartan problems like over-investment, over-manufacture, and product backlog.Another reason to fail could be the wrong design. endeavor part is the key of the whole development process, because customer is the key of market. If the design of new product can not satisfy customers need, the p roduct would be fail, no question about it. Company would lose market share. But if company set a wrong price level, higher than the encourage of product, or made to much high cost, the profit would go down. A product cant create profit would be fail too. And some people may not notice that a good promotion helps the new product a lot.A good and impressed promotion process can really fly a product, on the other hand, a awful promotion process can be a disaster for a new product. In short, developing a new product is a required process for a company. A new products success in market may manoeuver corporations bright future. But new products mean high risk, we need to do everything to do to reduce the risk. Like following the scientific development process, try to get the key need of customers. And a very important one, company needs to have self-confidence for the new product.