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Course: How to Develop a New Product and Take it to Market

How to Develop a New Product and Take it to Market

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  • Certificate on Completion
  • Access on Android and iOS App
About this Course

This 90-minute course will teach you the secrets of developing a new product, validating the market, developing a viable business model, protecting your intellectual property, and obtaining seed capital to finance and launch your new business. 

Who this course is for:

  • This course was designed for an entrepreneur who has an innovative idea or concept for a new product and wants to know how to develop the product and take it to market and make some real money


Basic knowledge
  • Students should be able to develop financial spreadsheets to attract financing
What you will learn
  • At the completion of this course, you will have an understanding of the technical, marketing and financial challenges that await you and be able to confront them head-on with a new set of tools to launch a profitable business
Curriculum
Number of Lectures: 9
Total Duration: 01:39:31
Course Introduction
  • Introduction  

    HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET

    SECTION #1 – Introduction

    This course was designed for an entrepreneur who has an innovative idea or concept for a new product and wants to know how to develop the product and take it to market. 

    At the completion of this course, you will have an understanding of the technical, marketing and financial challenges that await you and be able to confront them head-on with a new set of tools to allow your your business to become profitable.

    The Introduction will take you through the product development and marketing process and the steps you need to take along the way to successfully launch your product into the market place.

    Your facilitator has successfully developed and introduced many new products into the market over the past 40 years and will tell you his secrets of success.

Concept Analysis
  • Innovation and Discovery  

    HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET

    SECTION #2 - CONCEPT ANALYSIS

     Determining that the physical features of the concept are potentially achievable and operational

     Objective: Succinctly define the concept to assess the implementation potential of the technical aspects of the concept and establish the uniqueness of the concept.

     Product: A verbal description, schematic, formula, conceptual model or paper design that delineates the main technical features of the concept.

     Activities:

    • Define the concept fully
    • Demonstrate performance assumptions are viable
    • Assess critical barriers to production
    • Survey the state-of-the-art of the technology
    • Estimate the working models costs
  • Minimum Viable Product  

    HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET

    SECTION #2 - CONCEPT ANALYSIS

     Determining that the physical features of the concept are potentially achievable and operational

     Objective: Succinctly define the concept to assess the implementation potential of the technical aspects of the concept and establish the uniqueness of the concept.

     Product: A verbal description, schematic, formula, conceptual model or paper design that delineates the main technical features of the concept.

     Activities:

    • Define the concept fully
    • Demonstrate performance assumptions are viable
    • Assess critical barriers to production
    • Survey the state-of-the-art of the technology
    • Estimate the working models costs
Customer Acquisition
  • Product / Market Fit  

    HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET

    SECTION #3 – Customer Acquisition

     Determining whether the concept demonstrates superior ability over current solutions to meet a market need

     Objective: Identify a potential market for the concept, estimate the market size and determine the value of the product. Identify who will buy the product, how many units will they buy, and how much they will pay.

     Product: A short summary of information from trade journals, data bases, and interviews to demonstrate the product is unique and sustainable in a competitive marketplace.

     Activities:

    • Identify three unique features or benefits of the product
    • Identify the competition
    • Establish customer requirements for the product
    • Identify potential market barriers
    • Identify market distribution channels
    • Identify product pricing criteria
  • Value Proposition  

    HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET

    SECTION #3 – Customer Acquisition

     Determining whether the concept demonstrates superior ability over current solutions to meet a market need

     Objective: Identify a potential market for the concept, estimate the market size and determine the value of the product. Identify who will buy the product, how many units will they buy, and how much they will pay.

     Product: A short summary of information from trade journals, data bases, and interviews to demonstrate the product is unique and sustainable in a competitive marketplace.

     Activities:

    • Identify three unique features or benefits of the product
    • Identify the competition
    • Establish customer requirements for the product
    • Identify potential market barriers
    • Identify market distribution channels
    • Identify product pricing criteria
Scaling Your Business
  • Commercialization  

    HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET

    SECTION #4 – SCALING YOUR BUSINESS

     Proving that the concept will perform and can be produced

     Objective: Confirm that the product will perform and to verify that there are no technical production barriers.

     Product: Working Model of a Minimum Viable Product (MVP)

     Activities:

    • Test for technical feasibility. Secure Intellectual Property rights.
    • Examine the operational requirements
    • Identify potential safety and environmental hazards
    • Conduct a preliminary production feasibility assessment
    • Conduct a preliminary manufacturing assessment
    • Estimate engineering prototype costs
  • Intellectual Property  

    HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET

    SECTION #4 – SCALING YOUR BUSINESS

     Proving that the concept will perform and can be produced

     Objective: Confirm that the product will perform and to verify that there are no technical production barriers.

     Product: Working Model of a Minimum Viable Product (MVP)

     Activities:

    • Test for technical feasibility. Secure Intellectual Property rights.
    • Examine the operational requirements
    • Identify potential safety and environmental hazards
    • Conduct a preliminary production feasibility assessment
    • Conduct a preliminary manufacturing assessment
    • Estimate engineering prototype costs
Profitability Analysis
  • Sales, Costs and Profits  

    HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET

    SECTION #5 – PROFITABILITY ANALYSIS

     Determining whether the business opportunity demonstrates profit potential

     Objective: Determine if the concept offers sufficient profit potential to pursue additional investment of time and money for additional research and the organization is capable of taking the product to market.

     Product: A brief description of the business model.

     Business Activities:

    • Identify financial, physical, and human resources required for commercialization
    • Identify the status of intellectual property requirements
    • Establish a positive profit potential
    • Begin the process of developing a Business Plan to raise debt or equity financing
  • Obtaining Financing  

    HOW TO DEVELOP A NEW PRODUCT AND TAKE IT TO MARKET

    SECTION #5 – PROFITABILITY ANALYSIS

     Determining whether the business opportunity demonstrates profit potential

     Objective: Determine if the concept offers sufficient profit potential to pursue additional investment of time and money for additional research and the organization is capable of taking the product to market.

     Product: A brief description of the business model.

     Business Activities:

    • Identify financial, physical, and human resources required for commercialization
    • Identify the status of intellectual property requirements
    • Establish a positive profit potential
    • Begin the process of developing a Business Plan to raise debt or equity financing
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