New Product Development

New product development is one of the most important components of product policy and product management. Product lines and products are appraise and are positioned effectively. Brand decisions are taken wisely. For a higher level of growth, a firm has to look beyond its existing products. A progressive firm has to consider new product development as a cardinal element of its product policy.

Innovation is the essence of all growth. This is especially true in marketing. In an age of technological advancements, change is a natural outcome — change in food habits, change in expectations and requirements. Any business has to be vigilant to these changes taking place in its environment. People always seek better products, greater convenience, newer fashion and more value for money.

A business firm has to respond to these dynamic requirements of its clientele and these responses take the shape of new products and new services. Through such a response, the firm reaps a good deal of benefits. New products become necessary from the profit angle too. Products that are already established often have their limitations in enhancing the profit level of the firm. Profits from products decline as they reach the maturity stage of their life cycle. Thus, it is necessary for business firms to bring in new products to replace old, declining and losing products.

New products become part and parcel of the growth requirements of the firm and in many cases, new profits come to the firm only through new products. New products can be broadly classified into two groups: new products arising out of technological innovations and new products arising out of marketing oriented modifications. The first group involves innovations leading to intrinsically new products with a new functional utility behind them. The second group involves mere marketing oriented innovations in existing products; it gives rise to new versions of the existing products.

New Product Reviews – Get Your New Product Reviewed

New Product Reviews can be the greatest boost to any new product regardless of it’s nature in the marketplace. If you have a new product in the household field or a new recipe for the tastiest chocolate pie, to a new product that eliminates a nagging problem of a large number of people, you need to have it reviewed and shared among consumers for an honest opinion of what you have to offer.

New Products often affect a limited number of consumers and if you haven’t taken the necessary steps toward patenting it, many consumers won’t consider it legitimate for their consideration. While patents can take a long time and at considerable cost, there are alternatives.

If you have a product that should be reviewed before you move to the next step of protecting your creation, you really should talk with a copyright attorney to at least find out what’s involved and required to protect your idea for your new product.

Alternatives can be a limited venture possibility for those of like minds that know a little more about protecting an idea. For example; you have a new invention or idea, and someone else has the know-how and capital to invest in your new product. Together you can create a partnership, in writing, to test market your idea. This way, you can see how effective or consumable your new product really is, before spending more money than it’s worth to protect it.

In today’s world, new products are reaching into the millions, the internet and it’s ability to splash an idea in a matter of minutes is not only possible, but actually happening as you read this article.

So, is it wise to splash a new product online for all to see? This depends on you and how certain you are that your product will be a successful new product.

If your new product is information-based, you can easily create an ebook product that can be sold immediately and reap the rewards from your efforts and knowledge. No patent is required to begin making money immediately, just remember to state that any duplication of this information without written rights from the originator is prohibited and will be considered theft and prosecution to the fullest extent of the law will be pursued if you are caught. This will deter 99% of anyone attempting to repackage this information. And it didn’t cost you a fortune to make that statement.

New products come with certain responsibilities as well. If your product is a tangible product, (one that can be held, touched, used physically), you can be held liable for the harm it may cause a consumer, so please take the proper steps to protect yourself from the repercussions that an injury from misuse may cause. Some of the greatest new products that have ever come out on the market have suffered total devastation once they were misused or given to irresponsible consumers. Protect Yourself First!

Speaking of new products in the form of ebooks, I found an interesting site that not only displays the hot new products in ebooks, designed to improve your income, provided you follow their format, but they are rated based on consumer voting. This is a priceless opportunity to see what the consumers have said after purchasing the ebook and how well it delivers on it’s claims. Seldom do we get to see an honest rating based on after-market results. They have used an old familiar rating system we all can relate to. They are rated A,B,C, & D with the plus and minuses thrown in to split them a little more to show how the consumers feel they have performed.

Firsthand results speak volumes to me and probably to you as well. I personally have invested in my share of new product ebooks and can attest to their ability to add additional income. If you have tried any of these new products before, you may want to weigh in and add your input. If you are still waiting for the first guinea pigs to squeal so to speak, then you may find this rating system quite your cup of tea.

The WAH Watchdog group they call themselves, that’s Work at Home Watchdogs, gives you the number of votes, the number of visitors, and how many products that have been reviewed. They update their site daily so, if you don’t see a new product that you are interested in today, it’s wise to bookmark them for future updates to see how well the product is doing, in the real world of applying what consumers are learning from ebooks in order to improve their work from home experiences.

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New Product Research Development – 4 Steps Procedure for the Companies

The business world is never static. The market is subject to constant change and limited marketing opportunities encompassing their own life. Companies planning to develop have to select their own ways to do so. There are two alternatives – either sell new products to the existing customers or look for new customers for selling the existing products. What do the companies do in real practice? Companies try to develop new products for the existing customers.

Creating new markets for an existing product need a comprehensive new product development research to acquire the right result. The costs of acquiring new customers are the key reason that makes the life of business professionals more difficult. Research has proved that cost of creating new customer base is 7 to 10 times more than selling a product to the existing customers. Hence, it is better and cheaper to generate new products for the existing customers than conquer a new market.

Now, the question is why are the companies reluctant in taking this step? Partially because the companies do not like to dilute their own brands with that of others, and partly because they do not know the systematic process of developing new products. New products development involves 4 stages. They are –

  • Talking to customers
  • Finding their needs
  • Analyzing different ways to act
  • Doing it

How to develop a new product for the customers?

The product, which customer ultimately purchases, is the joint creation of an individual from the company and an individual from the customers’ side. However, companies should adopt more systematic method. For this, companies must make a mixture of diverse kinds of customers – for instance, 2 who do not have much knowledge, 2 adventurous and 2 large consumers. Give each of them a call and ask them to give their views on how to improve your company’s services and products.

Besides calling the customers, professionals can also visit them in person and pick ideas. Visiting them physically will give certain ideas, which remote communication cannot give. After talking to the customers, make a checklist covering the items companies must focus. This will sort out the areas about which business professionals should discuss with the customers. In the list, check whether there is anything in common and then sort out things according to some categories.

After that, shortlist the contact details and information about the customers and analyze their needs. Once the companies get to know how the customers use their products, they can discuss ways of developing them. Reaping the greatest benefit from the existing customer helps companies to clarify their needs and save a fortune while stepping new market areas unknown to them.

Thus, new product development research indicates that companies or businesses be interactive with the customers, know their exact needs and wants and then do the task in the like manner. In other words, the methodical approach of the companies is acceptable. This will help the audience know what a company can serve their needs.