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AOT-07-02-Business-Developing a new product

Authors

1. The Product

1.1 Product Description

  • What is the product?
  • What are its key features and benefits?
  • What are its unique selling points (USPs)?
  • How does it compare to similar products on the market?
  • What are the product's technical specifications?

1.2 Intellectual Property

  • Is the product patented or protected by any other forms of intellectual property?
  • If so, what is the status of the patent or other intellectual property protection?
  • If not, is the product eligible for patent protection?
  • Are there any potential issues with infringing on the intellectual property of others?

1.3 Market Analysis

  • Who is the target market for the product?
  • Is there a need for the product in the market?
  • What is the size of the market and its growth potential?
  • Who are the main competitors and how do they compare to the product?
  • What is the product's potential market share?

1.4 Product Development

  • Who is responsible for developing the product?
  • What is the development timeline?
  • What are the key milestones and deliverables?
  • What are the potential challenges and risks in developing the product?
  • What are the resources (financial, human, and material) needed for development?

2. Market Strategy

2.1 Market Segmentation

  • Who are the target customers for the product?
  • What are their demographics, behaviors, and needs?
  • How is the product positioned in the market compared to competitors?
  • What are the key value propositions for the target customers?

2.2 Marketing Mix

  • How will the product be priced?
  • How will the product be distributed?
  • What marketing channels will be used to reach the target customers?
  • What promotions and advertising will be used to generate demand for the product?

2.3 Sales Strategy

  • Who will be responsible for selling the product?
  • How will the sales team be structured and trained?
  • What is the sales plan and forecast for the product?
  • What are the key performance indicators (KPIs) for the sales of the product?

2.4 Competitive Analysis

  • Who are the main competitors for the product?
  • What are their strengths and weaknesses?
  • How does the product compare to the competition?
  • What are the competitive threats and opportunities for the product?
  • What is the plan to respond to competitive actions and take advantage of opportunities?

3. Customers

3.1 Customer Analysis

  • Who are the target customers for the product?
  • What are their demographics, behaviors, and needs?
  • What are the key value propositions for the target customers?
  • How do the customers currently solve the problem or meet the need addressed by the product?

3.2 Customer Acquisition

  • What is the plan to acquire new customers for the product?
  • What marketing and sales channels will be used to reach and engage the target customers?
  • What are the key metrics for customer acquisition, such as cost per acquisition (CPA) and conversion rate?
  • What are the potential challenges and risks in acquiring customers for the product?

3.3 Customer Retention

  • What is the plan to retain existing customers for the product?
  • What strategies and tactics will be used to keep customers satisfied and loyal?
  • What are the key metrics for customer retention, such as churn rate and lifetime value (LTV)?
  • What are the potential challenges and risks in retaining customers for the product?

3.4 Customer Feedback and Support

  • How will the customers provide feedback on the product?
  • How will the feedback be collected, analyzed, and acted upon?
  • What is the plan for providing customer support, such as through phone, email, or online chat?
  • What are the key metrics for customer satisfaction and support, such as response time and resolution rate?
  • What are the potential challenges and risks in managing customer feedback and support?

4. Financing

4.1 Funding Sources

  • What is the plan for financing the product development and launch?
  • What are the potential sources of funding, such as equity, debt, grants, or partnerships?
  • What are the terms and conditions of the funding, such as the amount, interest rate, and repayment schedule?
  • What are the potential risks and benefits of the funding sources?

4.2 Financial Projections

  • What are the financial projections for the product, including revenue, expenses, and profit?
  • What are the assumptions and drivers behind the financial projections?
  • What are the key metrics for financial performance, such as return on investment (ROI) and payback period?
  • What are the potential challenges and risks in achieving the financial projections?

4.3 Financial Control and Reporting

  • Who is responsible for managing the finances of the product?
  • What are the financial policies and procedures for the product?
  • How will the financial performance of the product be monitored and reported?
  • What are the potential challenges and risks in controlling and reporting the financial performance of the product?

5. Operations

5.1 Production

  • What are the key steps and processes involved in producing the product?
  • What are the resources (financial, human, and material) needed for production?
  • What are the potential challenges and risks in producing the product, such as quality, yield, and scalability?

5.2 Distribution

  • What are the channels and logistics for distributing the product to the customers?
  • What are the resources (financial, human, and material) needed for distribution?
  • What are the potential challenges and risks in distributing the product, such as lead time, availability, and security?

5.3 Service

  • What are the plans for servicing the product, such as installation, training, maintenance, and repair?
  • What are the resources (financial, human, and material) needed for service?
  • What are the potential challenges and risks in servicing the product, such as warranty, customer satisfaction, and technical support?

5.4 Capacity and Capacity Planning

  • What is the current and future capacity for producing, distributing, and servicing the product?
  • What are the plans for expanding or reducing the capacity as needed?
  • What are the potential challenges and risks in managing the capacity and capacity planning for the product?

6. Quality and Compliance

6.1 Quality Management

  • What are the quality standards and requirements for the product?
  • What are the plans for ensuring that the product meets the quality standards and requirements?
  • What are the key metrics for quality, such as defects per unit and customer satisfaction?
  • What are the potential challenges and risks in achieving and maintaining quality for the product?

6.2 Compliance Management

  • What are the regulatory and legal requirements for the product?
  • What are the plans for ensuring that the product complies with the regulatory and legal requirements?
  • What are the potential challenges and risks in achieving and maintaining compliance for the product?

6.3 Quality and Compliance Audits

  • Who is responsible for conducting quality and compliance audits for the product?
  • What is the schedule and scope for the quality and compliance audits?
  • What are the potential findings, issues, and recommendations from the quality and compliance audits?
  • What are the plans for addressing the findings, issues, and recommendations from the quality and compliance audits?

6.4 Quality and Compliance Training

  • Who is responsible for training the employees on quality and compliance for the product?
  • What is the content and schedule for the quality and compliance training?
  • What are the key metrics for the effectiveness of the quality and compliance training, such as attendance and retention?
  • What are the potential challenges and risks in conducting the quality and compliance training?

7. Environmental and Social Impact

7.1 Environmental Impact Assessment

  • What are the potential environmental impacts of the product, such as air and water pollution, waste generation, and resource consumption?
  • What are the plans for mitigating and managing the environmental impacts of the product?
  • What are the key metrics for the environmental performance of the product, such as greenhouse gas emissions and water use?
  • What are the potential challenges and risks in addressing the environmental impacts of the product?

7.2 Social Impact Assessment

  • What are the potential social impacts of the product, such as employment, health and safety, and community relations?
  • What are the plans for mitigating and managing the social impacts of the product?
  • What are the key metrics for the social performance of the product, such as worker satisfaction and community engagement?
  • What are the potential challenges and risks in addressing the social impacts of the product?

7.3 Environmental and Social Management

  • Who is responsible for managing the environmental and social impacts of the product?
  • What are the policies, procedures, and systems for environmental and social management?
  • How will the environmental and social performance of the product be monitored and reported?
  • What are the potential challenges and risks in managing the environmental and social impacts of the product?