Sample Project Proposal For New Product Development To Commercialization Page 2

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C. Product Development
The objective for this phase of the project is to produce a meaningful series of data that
will define and support the required features and benefits of the new product formulation.
Product development will be conducted primarily in partnership with existing component
suppliers who will typically have significant technical data for each component in hand.
This portion of the project requires detail oriented management to ensure that defined
product characteristics and performance targets are met in a timely manner. A range of
product characteristics will be addressed.
D. Product Launch/Marketing
In addition to the technical objectives of the project, there are also significant marketing
challenges that will be addressed. These include:
1. Incorporating the features and benefits into a product literature.
2. Coordination of test marketing and initial customer use.
3. Introduction of the product to target markets via networking, meetings,
tradeshows, print ads in trade journals, etc.
4. Developing relationships within target markets.
Work Plan
To accomplish the steps outlined above, the work plan is detailed below.
1. Identify existing entities in the market (or in similar markets) and review their
product offering. This will provide insight into how the new product will
compliment existing product offerings.
2. Identify existing users of similar products, and survey these users for their
impression of the concept of the new product, expected demand, value (pricing),
required features, etc. A questionnaire will be developed for this purpose. Market
data of this nature is essential for defining the product characteristics, and the
marketing plan.
3. Identify component suppliers, and discuss with them the concept, potential
features and benefits, technical and regulatory requirements, cost estimates of the
new product. Move forward with formal product development based on best
option/partner.
4. Develop the business case based on projected revenues, costs, growth projections,
market size, target segments, etc.
5. Identify and obtain commitment from key potential customers for testing and test
marketing the new product
6. Develop marketing plan, to include promotions, promotional literature, product
information, etc.
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