A completely new product for the market
Posted: Thu Jan 23, 2025 4:47 am
What can I say, this is the most profitable of all possible. There are no risks associated with competition; the market is empty – you can capture at least 100% or so (as Henry Ford once did, starting to stamp out his Model T on the conveyor belt).
Release of a new product for the manufacturer
In this case, the product is not mastered only by the manufacturer itself, but the consumer is already buying it, and perhaps has been for a long time. The market in this case is very competitive, and in order to win its share, you will need to make sure that your product has some advantages over competitors' products. This can be anything: quality, packaging, durability and, of course, price. It is quite obvious that this situation is the most difficult for the manufacturer, since you need to actually hit the mark on the first try. Here you need:
to study the applied properties (with an assessment of utility) of the entire spectrum of competitive products;
to study the product lawyer database market from the consumer's perspective in order to more accurately understand consumer expectations in relation to a given product (in order to then satisfy them by making some changes);
and finally, assess your own technical and financial capabilities.
Analytics for sales funnel
The latter requires the greatest number of meetings and brainstorming sessions, since it is at this stage that we need to understand whether production will be profitable despite all the risks, and whether the consumer will be able to recoup the capital investment. We must not forget that the analysis must be alternative - we must always compare with other investment opportunities, including the start of production of other goods.
It makes sense to launch a product that is already on the market only if its life cycle gives the potential manufacturer a solid lead time.
A new product in the already released product line
Compared to the previous variety of products, this option is much simpler and preferable:
capital costs are generally kept to a minimum;
Marketing and promotion costs are extremely low. (Simply put, there is no need to stimulate demand for the product at all).
But although the financial costs of marketing are reduced to a minimum here, there will definitely be no less research activities aimed at determining whether the new product will be in demand on the market.
When developing such a concept it is necessary that:
the new product had obvious differences from the models already on the market, otherwise consumers simply would not notice the difference and it would not be possible to recoup the technological changes in production;
it differed not only from previous developments, but also from those produced by competitors (otherwise, see point 2, and this is a completely different level of costs).
Release of a new product for the manufacturer
In this case, the product is not mastered only by the manufacturer itself, but the consumer is already buying it, and perhaps has been for a long time. The market in this case is very competitive, and in order to win its share, you will need to make sure that your product has some advantages over competitors' products. This can be anything: quality, packaging, durability and, of course, price. It is quite obvious that this situation is the most difficult for the manufacturer, since you need to actually hit the mark on the first try. Here you need:
to study the applied properties (with an assessment of utility) of the entire spectrum of competitive products;
to study the product lawyer database market from the consumer's perspective in order to more accurately understand consumer expectations in relation to a given product (in order to then satisfy them by making some changes);
and finally, assess your own technical and financial capabilities.
Analytics for sales funnel
The latter requires the greatest number of meetings and brainstorming sessions, since it is at this stage that we need to understand whether production will be profitable despite all the risks, and whether the consumer will be able to recoup the capital investment. We must not forget that the analysis must be alternative - we must always compare with other investment opportunities, including the start of production of other goods.
It makes sense to launch a product that is already on the market only if its life cycle gives the potential manufacturer a solid lead time.
A new product in the already released product line
Compared to the previous variety of products, this option is much simpler and preferable:
capital costs are generally kept to a minimum;
Marketing and promotion costs are extremely low. (Simply put, there is no need to stimulate demand for the product at all).
But although the financial costs of marketing are reduced to a minimum here, there will definitely be no less research activities aimed at determining whether the new product will be in demand on the market.
When developing such a concept it is necessary that:
the new product had obvious differences from the models already on the market, otherwise consumers simply would not notice the difference and it would not be possible to recoup the technological changes in production;
it differed not only from previous developments, but also from those produced by competitors (otherwise, see point 2, and this is a completely different level of costs).