Effective research into your markets and competitors will help you do this.
It will also advise you on how best to create a development team and manage a project.
There are five key stages in the lifecycle of any product or service.
New products and services are the lifeblood of all businesses. This guide will outline the key stages in the lifecycle of products and services so you know when the time is right for your business to start the development process.
Investing in their development isn't an optional extra - it is crucial to business growth and profitability. It will explain how a planned and phased development process will help you make the wisest investment and budgeting decisions.
Now's the time to work out how you can reduce the costs of delivering the new product.
Maturity - sales growth is slowing or has even stopped.
You've been able to reduce production and marketing costs, but increased competition has driven down prices.
Now is likely to be the best time to invest in a new product.
Decline - new and improved products or services are on the market and competition is high. Increased marketing will have little impact on sales and won't be cost-effective unless new markets are identified.