A Tip For Inventors: Know Your Market
by Franca Rothman
As a product development expert, importer, source agent and patent holding inventor, I am interested in and committed to the process of discovery through ingenuity and experimentation. In fact, I love the whole process that converts an idea into a product.
A brand-new product development (NPD) process concentrates on various aspects of ingenuity, creativity, and applied logic. It is based on understanding markets, production, competition and the logical application of your discovery. It encompasses principles of economics like fads, prices, and quantity and need.
Knowing Your Market
A starting point in this new way of thinking starts with knowing the market. Knowing the market is also the ending point. In other words, it is central to the whole process - the backbone of it, the core focus, and the foundational premise. I like to call it the fulcrum.
The better you know and understand your market, the more capable you are, and you can use this understanding to create your manufactured product. Along with this understanding is the ability to talk to all the outsource contractors who have been hired to help you launch your product.
Understanding the marketplace's needs, and having the capacity to use this information with product creation, packaging and marketing, will help you in driving up demand for your product. Adding new features will certainly be a part of the life cycle of an item, and its usages and enhancements will change as you go along. The trick to NPD is to correctly define the scope of the job at the beginning.
If you skip the essential action of doing even basic market research yourself, because of prior assumptions arising from friends and family, such as your idea is superb and "all you have to do is to make it" and you "understand exactly what the market wishes based upon the fact that you created this item," then chances are your invention might wind up like the 97% that fail to launch their innovation in the market.
Find out more about Franca, go to<a href="http://ipdconsultant.com/">http://ipdconsultant.com/</a>. Get our free report at <a href="http://inventorsnotebookjournal.com">http://inventorsnotebookjournal.com</a>.
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New Unique Article!
Title: A Tip For Inventors: Know Your Market
Author: Franca Rothman
Email: webwriter25@gmail.com
Keywords: franca rothman, manufacturing, inventing, business, industry, marketing, sales
Word Count: 330
Category: Business
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