Product Development Strategies

 

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Once you've created your company mission statement (or have explicitly recognized the mission you've been pursuing), you can begin considering how to accomplish that mission by developing and refining your product or service offerings.

To do that, you need to consider the following issues:

• Are you aware of the importance of new products and the special challenges faced by small businesses in this area?
• What is your positioning strategy in regard to new products? Will your business be a niche expert, a market leader, or an improver of competitor's products?