How Do You Identify The Key Success Factors In A New Product Launch?
A new product launch is always risky. You can never be certain if your product will be a success or a failure. There are, however, ways to predict with reasonable accuracy, whether or not a product will succeed. This can be done by determining the key success factors for a new product. According to Dr. William R. Boulton, key success factor fall into five categories: customer requirements, competitive factors that must be met, regulations/industry standards, requirements to implement competitive strategy, and technical requirements to build a competitive position. Determining the precise key success factors for your specific product is simple when using these categories. Following a few easy steps will show you how to determine your key success factors. Write down a list of customer requirements. These are the things that you know your potential customers want in a product. This can be gathered via market research. An example of a possible customer requirement for a new cellular phone
