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When determining the market demand for a new product, several key factors should be considered. Firstly, it's important to research if there is a real market for the product and if the product can be made. This involves assessing if the product solves a problem better than existing solutions and if it can be manufactured at a reasonable cost. Secondly, a company needs to evaluate if they can win a significant market share against competition. Lastly, it's crucial to analyze the financial costs and how the product aligns with current strategies. This includes assessing profitability, return on investment timeline, and if the product reflects the company's culture.
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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.
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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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