CashCome.com Articles Pages

The Steps from Product Idea to Product Success

Download eBooks and Software

Fully Verified Winning System Since 1999 & Vip Club Picks!
Winning Sports Picks & Predictions By Zcodesystem.com - Nhl, Nfl, Mlb And Nba Predictions And Picks From The Best Experts In The Industry + Fully Automated System Proven Since 1999 Awesome Conversion 5.26% And Recurring 60% Commission!

The Lotto Black Book
This Radical Approach To An Online Sales Letter Converts In The 3-5%... We've Never Seen Something Like This Since The Early Days Of 2004-2005 And I'm Sure You Haven't Either... We Convert More Than Our Competition And We Pay Out More... Try It!

Paleo Recipe Book - Brand New Paleo Cookbook
Brand New Paleo Diet Cookbook With Over 370 Recipes. Pays 70% Commission On This High-quality, Easy To Sell Product. Get Banners And Promotional Material At Http://paleorecipebook.com/affiliates.html

Articles > Business and Finance

The Steps from Product Idea to Product Success

by: Matthew Yubas

Michelangelo once said that his statue of David was embedded in the block of marble and he merely chipped away the edges to reveal it. Is your product idea inside your mind just waiting to come alive? Or, is your product already formed and you need only to smooth out the edges?

Using my Market-Step process your idea will come to life as we progress in the following steps from idea to launch:

Self-Evaluation
Concept Evaluation
Prototype Evaluation
Product and Market Planning
Product Development and Marketing Tactics
Product Launch, Marketing and Selling

Please use this roadmap as a navigational tool to guide and monitor your progress. (See www.Product-Coach.com > Articles for a graphical flowchart.)

Getting Started

* Protect Your Idea (Chapter 4)

When you have an idea, you need to protect it. The first line of defense is to set the date of conception. Start by documenting your idea in an inventor’s notebook, but don’t file a patent until you evaluate its marketability.

Market Research and Evaluation

* Self-Evaluation (Chapter 9)

Start the Market-Step process by evaluating your product idea’s marketability. Your product idea is marketable if and when it solves a problem, meets a need or want, overcomes competition, and generates a profit.

* Concept Evaluation (Chapter 11)

The second step of the Market-Step process is to determine if people like the concept of your product idea. To test your invention, you’ll need to uncover which people or companies are your future customers. After identifying potential customers, ask them to evaluate how well your product idea solves a problem, or meets a need or want.

* Prototype Evaluation (Chapter 12)

The third is detailed evaluation by giving people a prototype to examine. A prototype is a working model that looks, feels, and functions similarly to the finished product. I’ll lead you through the process of creating a prototype that resembles what your customer wants. Then, I’ll show you how to get detailed feedback by interviewing potential customers.

* Funding Your Idea (Appendix F)

Do you need to raise money to develop and market your product? Initially, you’ll need money for expenses such as market research, equipment, and prototype development. Raising money is a normal part of doing business when you start, grow, and expand.

* Patent Review (Chapter 13)

You performed a preliminary patent search earlier. Now it’s worth your time and money to perform a detailed patent search and possibly file for a patent.

* Self-Market or License (Chapter 14)

What do you do with your new product? Your choices are to either self-market or license it. In some cases you can do both or sell the rights. Self-marketing means turning your idea into a marketable product that you intend to sell directly to an end-user, and/or through a distributor or retailer. Under a licensing agreement, a business will produce and sell your product in exchange for royalties.

Path A: Self-Market Development

If you’ve decided to self-market, follow the remaining steps on Path A. If you’ve decided to license your idea, see the next section for Path B.

* Product and Market Plan (Chapter 15)

Plan your work and then work your plan. The fourth step of the Market-Step process involves planning product design and marketing programs. Product design results from combining your innovation with needs and wants you’ve discovered through research. Market planning involves positioning, pricing, and communications.

* Product and Market Development (Chapter 16)

In the fifth step you’ll develop your product in stages (i.e., alpha, beta, commercial release). You’ll use the beta product to obtain feedback to confirm functionality and eliminate bugs before final production.

* Product Launch, Market and Sell (Chapter 17)

In the sixth step you’re ready to move into production and launch your product. This is the most exciting part of your project. You’ve given birth to your idea and are bringing it out into the world. And as you would with a child, you’ll need to nurture and grow your product, with marketing and sales strategies and tactics.

Path B: Licensing

You’ve determined that licensing is for you. Follow the steps in Path B to license your product idea.

* Licensing Proposal (Chapter 5)

Before approaching a company or product agent, organize your marketing research into a proposal. Some companies have their own forms to fill out; others ask to submit in your own format.

If you feel comfortable presenting and negotiating, seek companies on your own to license your product. Otherwise, find product agents who will seek companies and negotiate on your behalf.

If the company likes what you have, you’ll then negotiate a licensing agreement, then carry out the obligations, and collect royalties.

Going Forward

Now that you have an overview of the steps, my book Product Idea to Product Success, takes you through the details of the Market-Step process, one step at a time.

* This article can be freely published as long as it is not edited, author information is present, and copyright notice is posted.

About The Author

Matthew Yubas is a Product Specialist who assists inventors and entrepreneurs to turn their ideas into winning products. Mr. Yubas is a Certified Professional Marketing Consultant for the Small Business Development and International Trade Center. He has earned a B.S. in Engineering and an M.B.A. in Management. For more information and free articles, see his website: http://www.Product-Coach.com.

?>

News on Business and Finance

The Business Finance Store Discusses New Findings on the Business Benefits of R&D
The Business Finance Store discusses a few new findings and examples of how companies get an incredible competitive advantage by developing and testing new products and services.Santa Ana, CA (PRWEB) May 24, 2012 The Harvard Business Review reports that a strong research quotient (RQ) could show that research is crucial to business success and that thereâ€™s a solid correlation between RQ and ...

The Business Finance Store Discusses Small Business Debt Collection
The Business Finance Store discusses some strategies for small business debt collection.Santa Ana, CA (PRWEB) May 23, 2012 Wonga, a high profile UK-based short-term lender, is being criticized by the British Office of Fair Trading for its debt collection practices, the BBC reported. One such debt collection tactic included suggestion that the debtor committed fraud and would be reported to the ...

The Business Finance Store Discusses the Effects of Business Credit on Personal Credit
The Business Finance Store discusses some of the potential repercussions of business credit on a business ownerâ€™s personal credit.Santa Ana, CA (PRWEB) May 22, 2012 A recent study by Pepperdine University and Dun & Bradstreet Credibility Corp. showed that most small businesses tend to get funding through traditional channels, the Washington Post reported. Seventy-one percent of small business ...

Paul Lazar Named Managing Director Wells Fargo Insurance in Alabama and Tennessee
Wells Fargo Insurance â€“ part of Wells Fargo & Company â€“ has named Paul Lazar senior vice president and managing director for its Alabama and Tennessee operations. Based in Birm

Bloomberg Hosts State & Municipal Finance Conference in Chicago
On Thursday, June 7, 2012, Bloomberg will convene public sector policy makers, labor leaders, pension fund managers, institutional investors and issuers for the Bloomberg State & Municipal Finance Conference.