What is the most important thing to consider in new product development for a small business? Explain why. Is it necessary to evaluate the new product idea at each stage of the development process? Explain why or why not.
You know many of the products that I have bought over the years do not keep up with the standards of products that have been around for years. In a small business you have to make sure that the product is safe for the consumer. If the product does not meet the customer’s standards they will not endorse the product to anyone else but more than likely will give you a bad review on the product. Larger companies do not really worry about whether or not a product will pass or fail. When a company is considering developing a new product it must be sure that the product is “highly desirable, feasible, and cost-effective” (Kotler and Keller 2009). The product must catch the eye of the consumer in order for them to purchase the item. Many of the products that small businesses are coming out with now are feasible and consumer’s will purchase them. Look at the different types of cell phones and how many people purchase this product. It is feasible to the consumer and they are willing to take the risk on purchasing the product. The products must be cost effective in order for the business to make any money off of it. If customer’s are interested and it is marketed right the consumer’s will fly into the store to get that product.