What are the conditions that must be met to add a new product?

Agreed with experts answers.

I agreed with the experts answer................................

Agreed with experts answers,

thanks for invite

Thank you for inviting agree with the answers Mr. Abdul Rahim

Thank u for inviting me.

There are many conditions that have to be considered to introduce a new product. But I will restrict my answer from marketing view point and not from legal or other technical requirements.

A new product may be classified in3

1. New for ur business
2. New to the market
3. New to the world

Below are some of the general factors that have to be considered before introducing a new product:   (in all the above3 types of 'new product' - it is most likely that the need was always there but was satisfied in a totally different way than ur product. e.g. e-mail satisfies need for communication but much faster than snail mail/ postal mail or telegram. or Whatsapp vs SMS/ E-mail ) 

• What need of the consumer does the product satisfy?
• what are the other products/services that satisfy this need?
• What is unique about ur product and how much better (Functional Solution- faster/ easier/ further-reach) does it meet these need?
• how thick/ hot  is the competition?
• How big is the market?
• do  product positioning - price & benefit mapping
• Entry Barrier - How long before your competitors copy ur product? based on which u should work out marketing campaigns and  this is also related to ur pricing strategy.
• UR pricing strategy  can be either -to make max profit thru high pricing (Skimming) before ur competition enters this segment OR  nominal price it so that u may want to reach as many consumers as possible in this time and dominate the market, thereby making it difficult for competitors to enter this segment easily.
• how much additional will it cost to introduce, advertise and distribute the product?
• can you use ur existing distribution channel.
• Do you need to add a new sales team or can the existing team manage it efficiently and effectively ?
• consider all the additional cost and work-out the break-even point, - how much qty and at what price will u break-even. How long will it take u to break-even?
• Work-out expected profit over a period of time and what is the opportunity cost?

Good quality __competitive price _ _ service before and after sale

1- market acceptance  40%

2-Good sales team 30%

3- Customers    30%