Introduction

The first and most important step in the development of a new product is doing the market research and understanding the demand for the given product. In absence of a market research, there is every likelihood that a product will fail as it will not necessarily have the features needed by the user. Licensing the product that you are developing is also a good idea as it increases the chances of getting funds from investors. At the same time, owning the formula of the product is a big asset and a company can greatly benefit from it.

Why you should take this lecture?

The lecture has information about the importance of market research in development of a new product and how owning the formula and licensing the product can help the product and the company working on it to achieve success.

Who will benefit from this lecture?

Entrepreneurs that are looking to come up with new products will greatly benefit from this lecture as it will guide them on some of the most important aspects of the product development phase. It is also good for companies already in the process and they can make use of the ideas presented here to ensure a successful product launch.

Table of Contents

- Having knowledge of the needs of the market.
- Understanding the value of an effective market research.
- Licensing the product to raise money.
- Owing the product formula.
- Infomercials can be very useful for product promotion.

Author Bio

Katie Rodan is the co-founder of Proactiv Solution, a skin care system that has proven to be highly effective on acne both in adults and teens. Dr. Rodan got her MD from University of Southern California School of Medicine in Los Angeles. She has been quoted in and interviewed by a number of well known magazines including Cosmopolitan, Allure, Teen, Glamour, Elle, Self and Oprah amongst others.