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Homepage Forums Entrepreneurship “From Idea to Market: Steps to Validate the Viability of Your New Product. “

  • “From Idea to Market: Steps to Validate the Viability of Your New Product. “

    Posted by Priya Jain on February 27, 2023 at 4:36 pm

    I do have an idea for a new product and want to launch it in the market,
    but I wonder if it is viable. What steps shall I take to determine whether it
    is worth pursuing?

    Raghav Mehra replied 1 day, 14 hours ago 3 Members · 2 Replies
  • 2 Replies
  • Vishal Saxena

    Member
    March 23, 2023 at 10:17 am
    banana-2 507

    Congratulation!! Launching a new product in a market is both exciting and challenging. Therefore it becomes essential to take the necessary steps to ensure it’s viable and worth pursuing. And one of the steps you can take to determine whether your idea is worth pursuing is to conduct market research to determine the potential demand for your product in the market. The information you gather from market research will inform you about your target audience’s needs, preferences, and behaviours.

  • Raghav Mehra

    Member
    March 23, 2023 at 10:41 am
    banana-2 492

    Yes, I also agree with you. One more thing that can help you is creating a business plan that outlines the value proposition of your product, the target market, marketing strategy, sales projections, and financial projections. By doing this, you will be able to identify the potential challenges and opportunities and the ways to mitigate risks and optimize your preferable resources.