The new product plan template is a planning tool which is used by the product development department of every organization. It is used to identify new markets and products which can satisfy their needs as far as produce health revenue for a company. Planning and execution are both skills that every business needs to develop. Moreover, planning for a new product is an investment by a company which they made to secure their coming future. With a comprehensive plan, the product manager can easily determine crucial factors, like market size, capital investment, marketing strategies, required resources and execution of the plan. With the presence of a new product plan, it will become easy for management to target and capture a new market with a new product. To prepare a new product plan, an idea can be taken from a sample template that is easily available on the internet.
Major Component of New Product Plan
There are four major components which must be addressed before starting planning a new product plan. These components are as follows:
• Research Work for New Market and New Product.
• Gathering Data and Creating a Prototype Model.
• Testing and Execution of Plan.
• Marketing and Promotional Strategies.
First Step: Research Work for New Market and New Product:
When you start planning to launch a new product, research work is inevitable. In this step, you will need to collect as much information as you can collect. For that purpose, you can conduct different strategies, like customer surveys, online polls, questionnaires, and hiring a research agency. You can also use the feedback of your existing customers to determine what they are actually looking for, if you are targeting the existing market. Based on data you gathered from research, you can identify their current requirements. The planning process also required the participation of different departments, like the production department and the sales department. Without their support, you cannot successfully launch a new product. Research agencies can be a great source of your awareness about the possible features which can win the hearts of potential customers. Moreover, the sales department can spread these features in the market to get the attention of new customers.
Second Step: Gathering Data and Creating a Prototype Model:
The second step is creating a prototype model, which starts when you have gathered enough details about the product. You can do research work with you during the prototype testing phase. This is because if experiments by the production department go wrong, you can revisit these research papers once again to identify the problems. If these problems can be solved, then you can continue creating prototype models. Remember that a prototype model should be a functional product which can be used for market development.
Third Step: Testing and Execution of Plan:
Once the prototype model is prepared, the third step can be started, which is testing and execution of the plan. During the testing step, new prototype model products can be given to specific customers to find out what they think about this product and what their initial reviews are. Based on their feedback and suggestions, if things are going as per your plan, then you can execute it. To secure your product from being copied by competitors, you can use non-disclosure agreements to make sure information is within your department. While executing this plan, you can assign tasks to different employees and departments. However, you will need to keep all the information in your control to make sure things move as per your planning.
Fourth Step: Marketing and Promotional Strategies:
The fourth and the last step is execution of sales and promotion activities. These activities were part of the execution of your new product development and planning process. For that purpose, you can hire the services of marketing professionals, who can give you better suggestions for product development. The sales and marketing department can play their role in promoting your products by installing banners, distributing brochures to potential clients. They can also help you to remain intact with the unique selling points of your new product.
