Product Design, Packaging, Labelling, and Branding
A product is any good, service, or idea offered to a market to satisfy a want or need. Companies develop new products for various strategic reasons: to differentiate from competitors, respond to customer demands or changing tastes, spread business risk, utilize idle capacity, exploit untapped markets, or leverage newly acquired technologies and skills.
The Foundation: Product Quality and Viability
Product quality is a critical determinant of market success. It is influenced by three key factors: the quality of raw materials, the technology employed, and the technical skill of the workforce.
Before development begins, a company must undertake a rigorous feasibility analysis:
1. Material Selection: Identify the most suitable raw materials based on availability, cost, required technology, safety, and traceability.
2. Cost Analysis: Determine capital equipment costs and projected unit production costs.
3. Timeline Assessment: Establish a realistic timeframe for product development.
4. Strategic Alignment: Using this information, evaluate whether this product is the best use of the company’s resources compared to other potential projects.
This analysis informs the final decision on if, how, when, and where the product will be produced.
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