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A Climate of Innovation
Know What You're Going
For
Speed!
Know What You're Going For
Any new product venture must demonstrate a strong link to
the company's overall business strategy, according to Goozé
and Webb. Within this context, certain goals should be met:
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Cost -- Estimate
the manufacturing cost of the proposed new product (including
capital equipment, tooling and the incremental cost of
producing each unit). |
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Development time -- Set
a timeframe for the product development effort, based
on how responsive the team can be to external forces and
technological developments. |
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Quality -- The new product
must satisfy customer demand. Its quality will eventually
determine market share, as well as the price customers
are willing to pay for it. |
"Be sure to allocate sufficient marketing resources
when laying out your goals," Goozé advises. "This
includes resources for advertising, public relations and promotion.
What sense is there in launching a new product without being
able to spread the word about it?"
Another helpful internal goal: employee training. Staff members
need to be educated on how to use and promote the new product.
It's also a good idea to plan for customer training -- in
order to enhance potential for user satisfaction and as another
potential source of income. Customers are often willing to
pay a little extra to get more from a new (or improved) product.
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