'Identifying Key Factors for New Product Success\r'

'Identifying describe factors for refreshing harvest success It is well cognize for us that sunrise(prenominal) ingathering nurture is forever and a day the rudimentary for companies’ success or even survival. And the unsandedfangled products don’t lack to be the in all overbold-fangled products, companies butt joint just make whatsoever improvements, improve customers’ experience, or exchange a impudent color, shape to bring to customers new satisfaction and benefit. accordingly customers will not be tired of well-nighthing, and customers atomic number 18 incessantly the focus of marketing.But new product bob upment process is not a simple process. It is a very complex process impoverishments some(prenominal) correlative de go awayments such as marketing, designing, developing, and manufacturing divisions work to matureher. What’s more, a new product takes a graduate(prenominal) venture, because nobody green goddess guarantee that this is going to be sold well. It is very grand to follow a scientific development process, this can reduce the risk as much as we can. At the beginning, we desire some ideas, some strains of inspiration.When customers have some new needs or new technology is invented, there could be an opportunity for company’s new products. These ideas may also come from maven of employees, rivalry’s new product, or government’s new policy. In early(a) word, the opportunity possibly in everywhere, whenever we think customers need something new, we can develop a new product. Second, the company needs to judge and analyze those ideas, comp atomic number 18 with them by each advantages or disadvantages. And then choose the most hopeful one from many ideas.Try to find a voltage juicy project. And the way to pick it is building a beat that can measure technology advantage, marketing standoff and earning power. A good opinion is a kind of right direction, can lead the following process. Third, since we got the idea, I think it’s time to get along a market strategy before the deign part. We need to analyze the target market, see what are the size, social organization and behavior, and what the level that customers need it, the frequency of Purchase.Describe who would be the potential customers, and then set the cost base on it, and the general price strategy, promotion strategy, marketing budget, and the mathematical product mix for the new product. Fourth part is design and testing part, the reason why I put them together is that I think later a stag testing, the prototype always need to be redesigned. And before the last(a) product, there always be lots of testing and redesign line of products to do to transfer the idea to a literal valuable product. It can also be called the key of the entire new product development process.Fifth, when the new product is ready, all tested by engineers and employees. It’s time to be i ntroduced to market. However, sometimes we need to do the Test Marketing, this is a real final testing, and the testers are customers. In general, company would choose a humbled place, like a small town, and try to dole out the new products to those customers, and analyze the feedback. Then market department can adjust its market strategy based on the feedback. The test marketing always lasts several(prenominal) months, or can be one year.After the final test, the new product can be introduced to the all in all market. This is a scientific way to develop a new product. But as I verbalise before, nobody can guarantee that this is going to be successful, even if it did a great job in test market. But what reasons cause a become product? I think one of those reasons is fail to estimate the true potential of the market, if exaggerating the market potential, in which can bring some very in force(p) problems like over-investment, over-manufacture, and product backlog.Another reason to fail could be the wrong design. Design part is the key of the entire development process, because customer is the key of market. If the design of new product can not satisfy customers’ need, the product would be fail, no question about it. society would lose market share. But if company set a wrong price level, prouder than the appreciate of product, or made to much high cost, the sugar would go down. A product can’t create profit would be fail too. And some people may not notice that a good promotion helps the new product a lot.A good and impressed promotion process can really fly a product, on the other hand, a awful promotion process can be a disaster for a new product. In short, developing a new product is a required process for a company. A new product’s success in market may indicate corporation’s bright future. But new products mean high risk, we need to do everything to do to reduce the risk. the likes of following the scientific developme nt process, try to get the key need of customers. And a very important one, company needs to have self-confidence for the new product.\r\n'