Formula for creating winning products

According to a old (1993) study, new products account for 40% of sales and 46% of profits. For every 7 to 11  new product ideas, only 1 becomes a successful product according to a study.

Here are some of the factors for creating winning products.

• Unique, superior product. Product should have value for customer
• Strong market orientation. Understanding for customers needs and wants.
• Predevelopment work. Up front activities like market analysis, technical assessment are vital before development starts.
• Good product definition. Product and project should be completely defined before development begi
• Quality of execution through out the development process.
• Team effort including research & development, marketing, sales and operations.
• Proper project selection to provide adequate resources for good projects. Poor projects must be killed.
• Good product launch ensures success.
• Top management leadership plays a vital role in product development process. They must provide strategy, resources and leadership.
• Speed to market.
• Strong, established new product process to screen new products
• Attractive market makes it easier to have a successful project