|
Product Pitfalls
Doing the
Homework
Doing the Homework
Many of the problems connected to new product failure are
linked to poor up-front preparation, Goozé notes.
"A surprising number of new products move from idea
to development without doing the right homework beforehand,"
he says. The "right homework" includes:
|
|
Comprehensive market
and competitive analyses.
Do you know if competitors are planning a similar new
product push? Are you factoring in sufficient resources
to market, sell and promote the new product once it's
launched? |
|
|
Customer research.
Who are the customers you see purchasing the new product?
How will it better meet their needs? |
|
|
Concept testing.
Do you have a cross-functional project team in place?
Is the team prepared to collect and analyze data at each
stage of product development? |
|
|
Technical and operations
feasibility assessments.
Are your manufacturing capabilities up to the task of
generating sufficient numbers of the new product? Are
you prepared to move from laboratory testing to full-scale
production? |
Adds Webb: "Part of the necessary preparatory work includes
product definition. You have to know what your target audience
is, a clear idea of what benefits are going to be delivered
and a realistic view of performance requirements and specifications."
Inevitably, some new product ventures will fail during the
development process. Some studies suggest that only one out
of 20 ideas survive to the launch phase. "It's natural
that problems will arise -- technical, marketing, strategic
problems -- that doom the idea or simply make it impossible
to make at a profit," Webb says. "But in many cases
some preliminary research can determine whether or not it's
feasible to move forward with a specific idea."
[top] |
