Product Development

Key questions when evaluating a new product:

1. Does the concept, which differentiates this product, fill a need or satisfy a want of the customer?
2. Will the customer perceive a legitimate value in his or her purchase?
3. Will the customer recognize quality in the same way he or she does with national brand names?
4. Does the product offer the customer superior performance compared to similar products already available?
5. Does the new product solve a problem for the customer which is unaddressed by similar products?
6. Is there a convenience factor that places the new product ahead of all similar products?
7. Is the product consumable or does it offer some type of residual income stream?
8. Are profit margins sufficient to sustain your efforts?
9. Can you develop satisfactory support materials and sales aids to make your job easier?
10. How strong is the name recognition of product and can it be trademarked? Go to: www.uspto.gov to research company name.
11. Do the ingredients have market visibility?