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- New Product Development Commercialization Checklist
- New Product Development Commercialization- Case Study
To determine the product sales potential of the new household cleaning product, it will be important to understand the market potential based on five key considerations:
- Size of the market- how many units are sold in the product category?
- Value of the market- what is the dollar value of all products sold in the product category?
- Purchase frequency- how often is the product purchased by consumers
- Competition – how many players are in this market
- Price- what is the price point that is likely to generate consumer interest?
Once these assessments are completed, it will be important to consider three scenarios – good/better/best revenue forecasts for the product.
The next step is to consider options for Bringing Your Product to Market. An entrepreneur or business owner is faced with a basic question early in the product development process. What vehicle will I use to bring my product to market?