As a business when you are re-inventing specifications of your product that is already in the market to meet the consumer demand, you need to think on various aspects. For survival, your product might need anything from light weight changes to heavy weight improvements. But to make the survival possible you need to have some ideas or some concept.
If you have got the idea, you need to test the ideas to check its viability. Why you choose certain ideas over others? What were the reasons to build the product in the first place? These are some questions that are likely to pop up while you are checking out the opportunities a new product might have in market.
There are always new opportunities available for new products in the market, regardless of the market being mature or new. This is because the market is always open to changes. And it welcomes new features, technologies and new ideas with open arms. To take the advantage of the opportunities managers of the company must ensure that they check viability of the idea and condition of the market to evaluate all the opportunities and hand pick the promising ones. With new technologies emerging constantly and new talents joining the company, a company can not only find golden opportunities but also use them in their favour.
While there are many factors you should keep in mind while conducting new product assessment. You must ask the following 10 fundamental questions to make things easier.
This helps in accessing the value that the new product brings to the table.
This question helps in crafting out the target market of the product.
This question helps in finding the answer regarding the market size.
This question helps in checking out the competitive landscape your product might have.
This question answers why the company needs to bring a change in the current features of a product or a service.
This question is a window to the market. How the market is changing and in what ways the company can keep up with it.
This question deals with providing answers regarding the strategy a company needs to adopt for taking a product from research phase to marketing phase.
The company must decide what will be the metrics of success and how the return on investment will be calculated.
This question answers whether your product is able to provide solutions that your consumers need.
A successful product is a result of series of testing and improvements. A company must always check whether there are further scopes of improvements or not.
The foundation of product development and assessment is based on finding and pursuing good opportunities. This allows companies to enhance the experience of their customers and introduce a profitable product in to the market.