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Some of the best practices for researching and developing new products or services include:
1. Market Research: Understand if there is a demand for the product or service. This involves researching the market and understanding if the product solves a problem better than existing solutions.
2. Competitive Analysis: Determine if the company can gain and maintain enough market share. This involves understanding the competition and anticipating their reactions to the new product or service.
3. Cost Analysis: Determine if the product can be manufactured at a reasonable cost. This involves understanding the manufacturing process and the associated costs.
4. Strategic Fit: Analyze how the product fits with the current strategies of the company. This involves understanding the company's culture and strategic direction.
5. Financial Analysis: Determine if the product will be profitable and how long it will take to see a return on investment.
Question was asked on:
Is it real? — Is There A Market For A Product And Can The Product Be Made? The Answers Come From Researching The Demand. Does The Product Solve A Problem Better Than Something Already Out There? If There Is A Demand, Can The Product Be Manufactured At A Reasonable Cost? The Answers Will Determine If A Product Is "Real" Or Not. Can we win? — A company has to determine if they can get and maintain enough market-share. If the company comes up with a new idea, they can be sure the competition is close behind. In established markets, existing companies could just copy or piggyback on the idea with minor changes. Is it worth doing? — Analyze the financial costs and determine how the product fits with current strategies. Will the product be profitable? How long will it take to see a return? Does the product reflect the current culture of the company? The answers will determine if it is worth doing.
Asked on the following book summary:
Innovation is more than creativity; it is a process that is structured, with rules and best practices. This summary gives you some of the key takeaway...
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