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Solid Business Plan
that ensures that the business case for the product fits and can be adequately supported by the company’s operational and marketing infrastructure, in order to generate overall sales and profitability requirements.
Implement Go-to-Market Plan (BIG may be able to assist via consulting).
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Refine the Product Definition (critical to the success of the product to guide the production and business plans)
- Project scope ¾ defines the boundaries of the project, especially whether this is a single new product or a family of products.
- Target market ¾ defines our target audience.
- Product concept ¾ revises the product concept using insights gained from research.
- Technical concept and spec sheet.
- Packaging.
- Positioning strategy.
- Product features, attributes, and performance requirements.
- Price point.
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Product Finalization/Commercialization
- Operations/production plan.
- Test (pilot) plant run of actual product.
- Possible additional testing with consumers.
- Full product production.
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Business Plan
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Financial Pro Forma.
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Marketing plan.
- Distribution plan.
- Communications plan (advertising, on-line, social media).
- Promotions plan.
- Sales plan.
- Distribution plan.
- Customer Service plan.
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Legal/regulatory issues defined, prepared for and plan to resolve.
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Product Launch
Conduct Post Launch Review (lessons learned, product and/or plan revisions needed).
Return to New Product Development Process
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