Chapter Name: Identify new products
Description: This module covers the process of conducting market research to uncover emerging trends, customer needs, and potential gaps in the market. Learners will explore how to analyze consumer behavior, competitor offerings, and industry developments to identify viable new product ideas. Additionally, the module will focus on evaluating the feasibility of these new products by considering factors such as cost, production capabilities, and potential profitability. Learners will also develop skills in creating product development strategies, taking into account both short-term and long-term business goals.
Purpuse:The purpose of this module is to enable learners to systematically identify new products that can contribute to business growth, enhance market competitiveness, and meet customer needs. By understanding the methods of identifying product opportunities, learners will be able to make informed decisions about product development, innovation, and diversification. This module aims to provide learners with the tools to assess the market and recognize new product possibilities that align with the business’s strategic direction, customer base, and resources.
Rational:The rationale behind this module is based on the importance of innovation and product diversification in sustaining business growth and remaining competitive in a dynamic marketplace. In today’s fast-paced business environment, businesses need to constantly evolve by introducing new products or enhancing existing ones to meet changing customer preferences and market demands. Identifying new products allows businesses to expand their market reach, increase revenue, and strengthen their brand position. Failure to innovate or introduce relevant new products can lead to stagnation and the loss of market share.
Chapter Assessment
Scope of Practical Skill
Key Requirement 1: New product line identified is competitive in terms of trends and competitor offerings
Learners must identify potential new products aligned with market trends and competition.
Assessment Questions
Assessment 1 : Conduct competitor analysis in terms of products
Learners must perform a competitor analysis to understand how competitor products compare in terms of features, pricing, and market appeal.
Assessment 2 : Analyse product mix
Learners are expected to analyze the current product mix, evaluating the balance between product types and their contribution to overall sales.
Assessment 3 : Identify trends
Learners must identify current market trends that could influence product development or expansion.