gillrd-header-fade.png
 
 

New Product Development. 10 Tips for Success

 

New Product Development. 10 Tips for Success

Mar 20, 2015

 

  1. Generate ideas for new and modified products: for example from customer feedback, employee suggestions and technical developments

  2. Assess how these ideas fit with your strategy, market position and skills: confirm that you have the resources to devote to development

  3. Research the market and competition, assessing customer requirements and sales potential. Learn from successes and failures, identify key risks and plan your marketing strategy

  4. Form a project team covering all the key skills required, for example marketing, design, production, purchasing and finance. This team will be led by a product champion

  5. Define the basic product specification, translate specific features into product requirements and identify your key selling points

  6. Plan the critical path, identifying which activities must be undertaken first, which must be completed exclusively and which can happen in parallel

  7. Set parameters including budget, objectives and timescales; assess risk regularly during development and modify plans as necessary

  8. Forecast the likely selling price and set target production costs; assess likely actual costs of development and production, allowing for contingencies

  9. Design the product in consideration of marketing, production and purchasing requirements. Develop a prototype to iron out technical and production issues and test market reaction

  10. Gear up for full-scale production and launch the product. Continue to monitor the product’s success and look for opportunities to develop it further



Tags:

 
 
Add Pingback
 

 

Do you have a new development requirement?


We have extensive experience taking projects through all phases of development, in rapid timeframes.

send-enquiry-button.png

Tel: +44 (0)1590 613400

 
 

SERVICES


 

CAPABILITIES


 

INDUSTRIES


 

Privacy Policy  |  Terms & Conditions  |  Cookies Policy  |  Sitemap  |  Search  |  Careers


©2014 Gill Research & Development Limited. All rights reserved. Gill Research & Development Limited, Reg No. 3154453. Registered Office: The George Business Centre, Christchurch Road, New Milton, BH25 6QJ