The New Product Entry
By James Byrd, MBA
Learn fast about how to develop your new entry product. There are six key focal points to stay attuned to when building and bring to market a better product than that of the competition.
First, the product manager must ensure due-diligent via extracting pertinent market research data. Whit this we are primarily talking about; SWOT. He must, in short, put him or herself in the shoes of the consumer of the said product. For starters, develop a list of needs and wants, requirements. Second, the product manager must be definite, in terms of product definition and design after installing the needs and wants into that new product design. With this, we are talking, moving within the realm of product differentiation. Next, there is the idea of developing, to the fullest, all phases of the product development project. The idea is, not to come to market draggling a leg.
Also, there must be a product champion of said product, that is, one who might and should evangelize the product throughout all product development phases. Next, one should devise some types of mechanisms for bringing said product to market. And lastly, there is always the idea of product reengineering, with this, we are talking about the product life cycle of the product, and how one should know when to develop betterments for the said product throughout the product’s life cycle, which should be an on-going endeavor.