How does a business develop new products?

A business will need to carry out market research before it develops, launches and markets a new product. Here is a review of questions which the business will have to consider:

  • What are the gaps in the market?

  • What are the gaps in the product range?

  • What new technology is available?

  • How big is the market?

  • What should be the market segment?

  • What is the competition doing?

  • What price should the product be?

  • How should we advertise?

  • What should our message be?

  • How should we sell it?

  • What sales can we expect?

  • What profit can we expect?