A step-by-step introduction how startups can use retail marketing to successfully introduce a new product and optimize the profit for their retail business. Profit maximization for a MonopolyLate 2008, with the financial crisis in full swing, I was discovering the magic of economic theory from the relatively safe environment of my INSEAD MBA classroom. A subject
If you are on this page, you are most likely to have realised the significance of physical product idea validation to small businesses.
Your research can be cheap and fast with the following methods.
• Market research.
o Analyse your competitors.
o Evaluate what problems your products can solve.
o Gain the latest business/industry insights.
• Identify your target audiences.
• Pre-sales campaign
Congratulations! You belong to a select group of people who have a great new product idea and are taking action to make it happen, having thousands or maybe even millions of people benefit from it. It doesn’t really matter if it is a business product idea or that your solution is meant to serve the society as a non-profit. The process to get from idea generation to product development is mostly the same. So, how do you go about turning your physical product idea into something tangible that people can use to solve a problem or fulfil a need?
In this post, I will describe step by step how you can get your idea off the ground without spending a dime or even getting paid for it.
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