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Learn MoreHow to Develop a New Product and Take it to Market
Rating: 4.3 out of 54.3(26 ratings)
99 students
How to Develop a New Product and Take it to Market
Got a clever idea and want to know how to build your product, test the market, and determine if its profitable?
Created byJames W Wasson
Last updated 5/2016
English
What you'll learn
- At the completion of this course, you will have an understanding of the technical, marketing and financial challenges that await you and be able to confront them head-on with a new set of tools to launch a profitable business.
Explore related topics
Course content
5 sections • 9 lectures • 1h 39m total length
- Introduction7:19
HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET
SECTION #1 – Introduction
This course was designed for an entrepreneur who has an innovative idea or concept for a new product and wants to know how to develop the product and take it to market.
At the completion of this course, you will have an understanding of the technical, marketing and financial challenges that await you and be able to confront them head-on with a new set of tools to allow your your business to become profitable.
The Introduction will take you through the product development and marketing process and the steps you need to take along the way to successfully launch your product into the market place.
Your facilitator has successfully developed and introduced many new products into the market over the past 40 years and will tell you his secrets of success.
- Innovation and Discovery9:38
HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET
SECTION #2 - CONCEPT ANALYSIS
Determining that the physical features of the concept are potentially achievable and operational
Objective: Succinctly define the concept to assess the implementation potential of the technical aspects of the concept and establish the uniqueness of the concept.
Product: A verbal description, schematic, formula, conceptual model or paper design that delineates the main technical features of the concept.
Activities:
• Define the concept fully
• Demonstrate performance assumptions are viable
• Assess critical barriers to production
• Survey the state-of-the-art of the technology
• Estimate the working models costs
- Minimum Viable Product8:39
HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET
SECTION #2 - CONCEPT ANALYSIS
Determining that the physical features of the concept are potentially achievable and operational
Objective: Succinctly define the concept to assess the implementation potential of the technical aspects of the concept and establish the uniqueness of the concept.
Product: A verbal description, schematic, formula, conceptual model or paper design that delineates the main technical features of the concept.
Activities:
• Define the concept fully
• Demonstrate performance assumptions are viable
• Assess critical barriers to production
• Survey the state-of-the-art of the technology
• Estimate the working models costs
- Product / Market Fit10:51
HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET
SECTION #3 – Customer Acquisition
Determining whether the concept demonstrates superior ability over current solutions to meet a market need
Objective: Identify a potential market for the concept, estimate the market size and determine the value of the product. Identify who will buy the product, how many units will they buy, and how much they will pay.
Product: A short summary of information from trade journals, data bases, and interviews to demonstrate the product is unique and sustainable in a competitive marketplace.
Activities:
• Identify three unique features or benefits of the product
• Identify the competition
• Establish customer requirements for the product
• Identify potential market barriers
• Identify market distribution channels
• Identify product pricing criteria
- Value Proposition11:56
HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET
SECTION #3 – Customer Acquisition
Determining whether the concept demonstrates superior ability over current solutions to meet a market need
Objective: Identify a potential market for the concept, estimate the market size and determine the value of the product. Identify who will buy the product, how many units will they buy, and how much they will pay.
Product: A short summary of information from trade journals, data bases, and interviews to demonstrate the product is unique and sustainable in a competitive marketplace.
Activities:
• Identify three unique features or benefits of the product
• Identify the competition
• Establish customer requirements for the product
• Identify potential market barriers
• Identify market distribution channels
• Identify product pricing criteria
- Commercialization13:36
HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET
SECTION #4 – SCALING YOUR BUSINESS
Proving that the concept will perform and can be produced
Objective: Confirm that the product will perform and to verify that there are no technical production barriers.
Product: Working Model of a Minimum Viable Product (MVP)
Activities:
• Test for technical feasibility. Secure Intellectual Property rights.
• Examine the operational requirements
• Identify potential safety and environmental hazards
• Conduct a preliminary production feasibility assessment
• Conduct a preliminary manufacturing assessment
• Estimate engineering prototype costs
- Intellectual Property13:01
HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET
SECTION #4 – SCALING YOUR BUSINESS
Proving that the concept will perform and can be produced
Objective: Confirm that the product will perform and to verify that there are no technical production barriers.
Product: Working Model of a Minimum Viable Product (MVP)
Activities:
• Test for technical feasibility. Secure Intellectual Property rights.
• Examine the operational requirements
• Identify potential safety and environmental hazards
• Conduct a preliminary production feasibility assessment
• Conduct a preliminary manufacturing assessment
• Estimate engineering prototype costs
- Sales, Costs and Profits12:09
HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET
SECTION #5 – PROFITABILITY ANALYSIS
Determining whether the business opportunity demonstrates profit potential
Objective: Determine if the concept offers sufficient profit potential to pursue additional investment of time and money for additional research and the organization is capable of taking the product to market.
Product: A brief description of the business model.
Business Activities:
• Identify financial, physical, and human resources required for commercialization
• Identify the status of intellectual property requirements
• Establish a positive profit potential
• Begin the process of developing a Business Plan to raise debt or equity financing
- Obtaining Financing12:17
HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET
SECTION #5 – PROFITABILITY ANALYSIS
Determining whether the business opportunity demonstrates profit potential
Objective: Determine if the concept offers sufficient profit potential to pursue additional investment of time and money for additional research and the organization is capable of taking the product to market.
Product: A brief description of the business model.
Business Activities:
• Identify financial, physical, and human resources required for commercialization
• Identify the status of intellectual property requirements
• Establish a positive profit potential
• Begin the process of developing a Business Plan to raise debt or equity financing
Requirements
- Students should be able to develop financial spreadsheets to attract financing.
Description
This 90-minute course will teach you the secrets of developing a new product, validating the market, developing a viable business model, protecting your intellectual property, and obtaining seed capital to finance and launch your new business.
Who this course is for:
- This course was designed for an entrepreneur who has an innovative idea or concept for a new product and wants to know how to develop the product and take it to market and make some real money.