Implementing a New Retail Product: Quick Overview

I was recently asked the following question. What is your approach to researching, developing and implementing a new product about which you have very limited knowledge prior to starting the process?

All new products or services require time and expense to implement, the first step is to ensure that the product is viable. This process entails: 1) developing a clear description of the product or service, 2) determining its competitive advantage by identifying the type of customer that would benefit from the product or service, 3) to ensure compatibility with other products and services, and 4) alignment with the company’s overall mission and strategy.  The next steps would include the following: Financial Projections, Risk Analysis, Licensing Requirements, Legal Opinions and Compliance Considerations.

If you have been through this process I would be interested in your comments of any other steps that you have included.