In today’s volatile business landscape, the success of a product doesn’t merely hinge on innovation, but on its viability and the effective management of inherent risks. At D2M, we’ve crafted a suite of services centered around the assessing viability and risk, ensuring that your product concept doesn’t just have promise but is also resilient against market forces and unforeseen challenges. Don’t just take a punt on that great new product idea but actually review whether it has solid potential before investing considerable sums in a pet project!
Product viability refers to the likelihood that a product will succeed in the market, considering various factors that contribute to its long-term sustainability and profitability. This encompasses not only the product’s functionality and appeal to its target audience but also its manufacturability, cost-effectiveness, market demand, and adaptability to changing conditions. A product deemed viable is one that meets the needs or desires of its intended users, can be produced and sold at a profit, and can sustain its market position against competition or changing market dynamics. Assessing product viability is a crucial step in the product development process to ensure resources are invested in concepts that have a genuine potential for success.
Assessing the viability of a new physical product concept involves examining its practicality, market potential, and commercial profitability. Initial designs and basic physical models might be required to evaluate its functionality and manufacturability. Market research might be conducted to gauge demand, target audience preferences, and competitive landscape. Costs of production, distribution, and marketing can be researched and established to determine its potential profitability. Finally, it is often necessary to analyse regulatory and environmental constraints to ensure the product meets required standards. By combining practical assessment with market and financial analyses, you can gauge the product’s potential for success.
Product viability is influenced by several factors:
Absolutely, product viability can shift over time due to various reasons. Market dynamics, including changing consumer preferences, technological advancements, and socio-economic factors, can influence a product’s relevance and demand. For instance, products like VHS players were once viable, but advances in digital technology rendered them obsolete. Similarly, environmental concerns can affect the viability of products deemed unsustainable. Economic fluctuations can alter consumers’ purchasing power, impacting the success of luxury items or non-essential goods. Regulatory changes can also introduce challenges, making previously compliant products non-viable. Businesses must constantly monitor and adapt to these evolving circumstances to ensure their products remain viable and continue meeting market needs.
Absolutely, product viability can shift over time due to various reasons. Market dynamics, including changing consumer preferences, technological advancements, and socio-economic factors, can influence a product’s relevance and demand. For instance, products like VHS players were once viable, but advances in digital technology rendered them obsolete. Similarly, environmental concerns can affect the viability of products deemed unsustainable. Economic fluctuations can alter consumers’ purchasing power, impacting the success of luxury items or non-essential goods. Regulatory changes can also introduce challenges, making previously compliant products non-viable. Businesses must constantly monitor and adapt to these evolving circumstances to ensure their products remain viable and continue meeting market needs.
Through our comprehensive “Viability and Risk” services, D2M offers businesses a complete perspective on their product concepts. The services we offer combine the above assessment tools often with initial product development and prototyping to provide a reliable foundation before continuing the detailed development of your project.
Not only that but, we don’t just highlight potential roadblocks; we provide actionable solutions, ensuring your product’s journey from ideation to market is as smooth and successful as possible.
These services can be used in combination at different stages of a product development journey to provide reassurance to key stakeholders before development is continued. This is a key way to manage risk and help ensure success within our stage-gate process.
All the resources you will need:
Bonus 40min extended case-study video!