FACTORS THAT DETERMINE NEW PRODUCT PRODUCTION

Hello Everyone,

Welcome to my blog today.

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In building or creating a new product, there are some factors you need to consider before unleashing your product to the market:

1. TARGETED CUSTOMERS: You have to segment your market i.e know the kind of people that would need your product.
   For example its people that have more raining season that would need umbrellas compared to those who have more dry season.

2. LOCATION: This is another major factor you have to consider, consider the environment you want to establish your company and its proximity to your targeted customers. It helps to save cost and foster better relationship between the customers and the company.

3. COMPETITOR: Know your competitors that have close substitute to your product and device means to edge them out with having strong marketing strategies and other promotional plans.

4. PRICE: This factor many at times determines the rate which the market will accept your product. Only luxury commodities can move the market despite the price. Your price must be reasonably to edge out competitor and make it more popular in the market.

5. PACKAGING: The totally of the outward look of the product determine its first impression it would have on the customers. The packaging of your product must be catchy in other to entice customers to want to know more about the product.

6. PROTOTYPE STAGE: It is advisable to make a prototype of the real product, take it to the market to get feedback on its deficiency and strength. This would help you to improve on the product when launching it fully to market.

7. LABOUR FORCE: Humans are very vital in the rising of a product. You have to get the right working force in other to achieve the expected result.

Also note that the forces of demand and supply is to be strictly considered as the inflation rate of the economy also decides what happens to the market.

Also the going concern of a product that is the mindset, plans and resources that would make the product be in the market in an unforeseen number of years should in mind when creating the product as stability and consistency in the delivery of the product goes a long way to sustain the product name.

Thanks for reading