Create an idea for a new product.Determine how to organize your company and production.Explore competitors, customer feedback, and advertising.
A new product should have demand and market (saleable). It should be able to be sold quickly. The products design, manufacturing and technology should be latest and reflect modern scenario. Green technology is the need of hour. The right-input mix at least possible cost is most important. The market structure can be a monopoly, monopolistic competition or oligopoly….
Choosing the right market will require cost and benefit analysis. The next step is to advertise the product for successful launching. Taking care of customer feedback and incorporating the changes in the product helps in establishing the brand value.