NPI is short for New Product Introduction, and is the process to bring a new product to the market. NPI covers all the aspects of introducing a new product, and not just the development and manufacturing. Failure to plan NPI effectively could result in failed success of the product at a very high price for a company.
Below are some of the critical elements affecting the success of a product.
- Market Research: This is a key function of NPI, without necessary market research you are developing the product without knowing what is needed. The research should tell you what the market want, what features to add, what costumers are willing to pay, distribution channels and so forth.
- Timing: When should the product be announced and will it be ready at that time. If it is essential for the product to launch for the Christmas sale, then it does not work if the product is only ready to be produced in January.
- Capacity: If the product takes off as a massive success, do you have the capacity to cope with it.
- Consumer Test: Test if the consumer like and understand the features you have added, and are willing to pay the asking price. This can be done at a small scale in one of the relevant markets, and the advertising for the product can be included in the test as needed.
- Training: Does your new product require any training to be done for internal employees, sales channels or any other stakeholders involved in bringing this product to the consumer.
The above is just some of the many areas that need to be covered as part of the NPI in order to successfully launch a new product to the market.
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