What is New Product Introduction?
Introducing a new product involves much more than simply designing the product. It requires a multi-disciplinary effort to build and fund your business, identify and understand your customers and their needs, design, prototype, and manufacture the product, create barriers to entry for competitors, and ultimately sell the product to your customers.
Many product ideas fail not because it wasn’t a good idea, but because entrepreneurs struggle to manage their day to day business and connect with customers. Building a brand and communicating with your customers to get sales is often just as big of a challenge as designing the product.
We’ll touch briefly on each of the following areas, and then focus on Product Development.
- Barrier to Entry
- Business Management
- Product Development