You will not only have to identify any existing competition that could spoil your chances of earning a healthy profit, but you will also need to calculate the approximate time by which your competition will catch on to your game plan and follow your footsteps. However, this move is more suited to large corporations that do not have marketing budget constraints. In short, it should be worth the time, effort and investment that you put into launching and marketing that product.Īnother part of the new product evaluation process is to first introduce that product and then market it in such a manner so as to create a need for it. The need should be high enough for you to successfully market the new business product and earn profits out of it. You should first survey the market and find out if there is a need for the product. Here are 6 new product evaluation process tips to bear in mind while introducing a new business product. We’ve put together a new product evaluation process that will help ensure that your new business product will fly off the shelf – and doesn’t simply sit around gathering dust.
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