There are two rules of thought when it comes to introducing new products. One is are there enough people who can or will buy to justify the effort and the other is to build it and they will come!
New product development (NPD) begs a lot of money questions such as:
- How much will the total project cost?
- What price will users pay for this product?
- Is the sell price comparable to competitor prices?
- What is the estimated cost and margin?
- How many products can I sell per year?
- How many years will it take to get my investment back?
What approach are you using for NPD and do you know the difference?
If I have peeked your interest, this is a very good article .
There is always risk!