New Product Development
Product Development Consulting: You have an idea, but don't know what to do with it, how to make it or can't afford to research it! We can help you. So don't delay, contact us for a free confidential consultation. We have development plans, where upon approval, product to market cost can be deferred or even waived. So don't delay, get started before someone brings your idea to market before you do.
Media Development Consulting: Over 25 years experience in media development. You can have full access to our Media Studios and a Professional Developer.
508, Standards and Accessibility Consulting:Your average website developer cannot do what we can. We can evaluate your Website, Media, Print, Video, Product Packaging for Accessibility. We have a professional designated staff with these disabilities supported by knowledgeable Developers and a special team specifically trained to do this. We can evaluate and guide you. Including Certificate of Due Diligence and/or suggestions of improvement as well as consult with you on how to comply with Code and Development.
(VID) Venture Investment Development Consulting: Do you have a New Business idea but can't afford to get started? We have over 30 years of Business experience. Many times we can cut that cost by 50% or even 100%. In some cases, we can get you started with No Up Front Cost. With approval, we can even get the Business or Product Developed at no cost to you at all!
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What is our process
- Idea Generation is often called the "fuzzy front end" of the NPD process
- Ideas for new products can be obtained from basic research using a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats), Market and consumer trends, company's R&D department, competitors, focus groups, employees, salespeople, corporate spies, trade shows, or Ethnographic discovery methods (searching for user patterns and habits) may also be used to get an insight into new product lines or product features.
- Idea Generation or Brainstorming of new products, services, or store concepts - idea generation techniques can begin when you have done your OPPORTUNITY ANALYSIS to support your ideas in the Idea Screening Phase (shown in the next development step).
- Idea Screening
- The object is to eliminate unsound concepts prior to devoting resources to them.
- The screeners must ask at least three questions:
- Will the customer in the target market benefit from the product?
- What is the size and growth forecasts of the market segment/target market?
- What is the current or expected competitive pressure for the product idea?
- What are the industry sales and market trends the product idea is based on?
- Is it technically feasible to manufacture the product?
- Will the product be profitable when manufactured and delivered to the customer at the target price?
- Concept Development and Testing
- Develop the marketing and engineering details
- Who is the target market and who is the decision maker in the purchasing process?
- What product features must the product incorporate?
- What benefits will the product provide?
- How will consumers react to the product?
- How will the product be produced most cost effectively?
- Prove feasibility through virtual computer aided rendering, and rapid prototyping
- What will it cost to produce it?
- Testing the Concept by asking a sample of prospective customers what they think of the idea. Usually via Choice Modeling.
- Develop the marketing and engineering details
- Business Analysis
- Estimate likely selling price based upon competition and customer feedback
- Estimate sales volume based upon size of market and such tools as the Fourt-Woodlock equation
- Estimate profitability and breakeven point
- Beta Testing and Market Testing
- Produce a physical prototype or mock-up
- Test the product (and its packaging) in typical usage situations
- Conduct focus group customer interviews or introduce at trade show
- Make adjustments where necessary
- Produce an initial run of the product and sell it in a test market area to determine customer acceptance
- Technical Implementation
- New program initiation
- Resource estimation
- Requirement publication
- Engineering operations planning
- Department scheduling
- Supplier collaboration
- Logistics plan
- Resource plan publication
- Program review and monitoring
- Contingencies - what-if planning
- Commercialization (often considered post-NPD)
- Launch the product
- Produce and place advertisements and other promotions
- Fill the distribution pipeline with product
- Critical path analysis is most useful at this stage
- New Product Pricing
- Impact of new product on the entire product portfolio
- Value Analysis (internal & external)
- Competition and alternative competitive technologies
- Differing value segments (price, value, and need)
- Product Costs (fixed & variable)
- Forecast of unit volumes, revenue, and profit
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