SO YOU HAVE A NEW PRODUCT : IS IT IMPLEMENTABLE?

Anthony Paterson- Retired Australian and International Business Executive

Whether a new product is implementable depends on various factors that need careful consideration. Here are some key aspects to evaluate: Technical feasibility: Existing technology: Can the product be built with currently available technology, or are there significant technical hurdles that need to be overcome? Development resources: Are the necessary resources, such as skilled engineers and appropriate tools, available to develop the product? Manufacturing feasibility: Can the product be manufacturably at scale, considering factors like material availability, production complexity, and cost constraints? Economic feasibility: Market size and demand: Is there a large enough market for the product, and will customers be willing to pay a price that covers development, production, and marketing costs? Cost of development and production: Can the product be developed and produced at a cost that allows for a healthy profit margin? Return on investment (ROI): Will the product generate sufficient revenue to justify the investment in its development and production? Other factors: Regulatory compliance: Does the product comply with all relevant regulations and safety standards? Ethical considerations: Are there any ethical concerns associated with the product's development, use, or potential impact? Social and environmental impact: What are the potential social and environmental impacts of the product, and can these be mitigated or minimized? By carefully assessing these factors, companies can increase their chances of successfully implementing new products. It is often helpful to involve a diverse team of experts from different fields, such as engineering, marketing, finance, and legal, to ensure a comprehensive evaluation of the product's implementability.