Launching a new product or assessing an existing one
When launching a new product or assessing an existing one, ask yourself the following questions and then ask yourself how confident you are that you and your team have fully researched the answers:
The Market
Who are the customers?
Are their numbers increasing or decreasing?
What does the customer want – how do you know?
What are the acceptable price ranges – are there any trends?
What are the levels of customer satisfaction?
Are any segments in the market unfulfilled?
Are there new customers for the product?
What are the potential volumes of product / service?
How do we know (not guess) that this will be successful?
The product or service
How well does it fill the customers’ needs – how do you know?
Does it need to provide additional benefits or functionality?
Does it require re-packaging, re-designing?
Is it profitable?
Where is it on the product life cycle?
Will new products be available next year?
Providing the Product / Service
Can you provide the volume of product / service required in-house?
Do you need partners to achieve the right volumes?
Can you achieve a good geographical coverage?
Do you have the expertise to serve specialist market niches?
Do you need to consider outsourcing to cope with volume or expertise gaps?
The Competition
Who are they - will there be more or fewer next year?
What are the barriers to entry for new competitors?
For more information call Paul Chapman on 0207 100 1233 or contact him on paul.chapman@azurepartners.co.uk