By Kempton Coady
A new product can dramatically change the fortunes of a company, if done right. But the introduction can also cause the company to defocus on the its core capabilities and key sources of sales and profitability. Some extremely successful companies have failed to introduce new products and as a result they went out of business.
These failures take many different forms. When a product does not sell, when it is recalled or discontinued, or when it otherwise does not come close to meeting a company’s expectations or plans, it can be marked as a failure. While failures are expected, some can be so catastrophic they can lead to permanent damage to a company’s reputation, layoffs, and even complete financial ruin.
Use a systems approach to developing a new product or service:
- Define the product or service
- Conduct a feasibility analysis
- Develop the product or service and assemble a team
- Constantly validate the product or service
- Implement the product or service
- Evaluate successes or failures and adapt as necessary
- Support and final actions
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