Businesses require a flow of products and services to be sustainable. There are many examples of products that seemed like a good idea but failed. Choosing manufacturers requires evidence of the product’s viability. A prototype of the product must be designed, tested and examined before being brought to the market. There are four factors, that must be considered before a marketing campaign goes forward.
Assembling the Prototype
The prototype itself must be cost effective. If the prototype itself is not economically feasible, the product analysis stops at this point. Feasibility involves a cost-benefit analysis which includes whether the manufacturer offers a lump sum or an hourly rate, taking into consideration the product’s design.
Production to Market
It is assumed that the product will face competitor. It makes a difference as to when the product is introduced to the market to create a brand name before your competition. The speed of manufacturing is a factor, which does not sacrifice quality or compromises economic feasibility.
This factor is a major consideration to going forward because of the direct effect on profit margin. Plastics, simulated fabrics, and non-metal parts are the first considerations for design feasibility. The cost of the materials is critical, which must be more cost effective than the competition.
Minimum Inventory Requirements
All the factors in manufacturing are assessed, such as custom blow molding manufacturing. The goal is controlling inventory costs, off the shelf marketing, and an exclusive manufacturer contract. This goal is reached through arm’s length negotiations.