Learn about developing a new product for start-up companies, and small and medium-sized enterprises (SMEs).
This course enables businesses learn about the process of developing a new product, using idea generation & the evaluation processes in product development by using an idea generation model and online resources and using methods to evaluate your product concept through market segmentation, growth potential, and the competition to your product. The course is a project-based course (i.e., the companies work on their own companies), so companies learn about developing a new product for start-up companies, and small and medium-sized enterprises (SMEs). Idea generation and the evaluation processes in product development using online resources like Google Trends and Amazon. The methods to evaluate a product concept through market segmentation, growth potential, and the competition to the product and how to evaluate a supplier and the cost to the product by analysing component prices and production rates.
The step-by-step learning is achieved as follows:
Section 1: How the new product concept and process works in a small business considering resources, time, existing customers, regulations, and finance.
Section 2: How to evaluate the success of a product in the marketplace and where to find this data including regulatory and other demanding elements. How to understand the real value of the new product.
Section 3: How to evaluate suppliers and understand the real cost of producing the new product and how it compares to competitors and the variability of production rates.
Section 4: A retro plan that considers how the new product / concept will be developed and introduced to the marketplace.
Section 5: Specifying the new product, how it will be produced and how it interacts with the remainder of the business.
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