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Product Development and Research Strategy Product Development and Research Strategy

Product Development and Research Strategy

Product Development and Research Strategy

Do a complete study about your market you want to get into. It is extremely vital for you to know what problems the market is facing, what are the solutions offered by the existing players in the market and where is the gap.

You must gather as much information as possible about the market you intend to enter into. You do not want to get surprised by unknown reality after you have developed your product or after you have started your business.

Once you have studied the market, once you have identified the gap, you can now carve out your unique position in the market. You can then be better placed to address questions like :

  • What business are you in?
  • What problems do you solve?
  • What solutions do you offer?

It is extremely vital to know your business sector and your business potential. Many businesses are not scalable. Many businesses are scalable but not profitable. Understand your business well.

Do a need analysis of what your customer want. Do survey, market research. Understand the market dynamics before you jump into your business.

"Your level of success will rarely exceed your level of personal development/skills."