One good idea can turn into a money tree but it needs to be developed into a product properly. Proper strategy is the ground work for product development. I can advise you in Project Management so the engineering foundation is laid for a successful product. I have taken a wide variety of projects from concept to production.A typical product starts with a good idea or Concept. The Product Proposal is developed from this idea. This is developed into a Product Specification as the possible routes to completion are explored.
Market-Analysis is started as soon as the Product Proposal is defined.
The issues to be defined are:
How big is the market?
Is there an existing product?
If not, how much is the market willing to pay?
If so, is this one any better or cheaper?
Also if so, do you want to go head-to-head with a competitor?
The Product Specification is often quite fluid until all development routes are determined to be workable. Impassible routes are discovered usually in the form of improper or unavailable parts or tools. They can be a great dissapointment especially if a readily-available part, technology, tool or person with expertese is deemed incompatible with the project. Thankfully, few of these are truly "show-stoppers".
Cost-Analysis can start as part of the Specification development. Some organizations wait until the Specification is about 80-90% complete if they have confidence in the diligence of their developers to search for low-cost alternatives as they explore development routes. Cost-analysis gives the first general idea of the total product cost and, therefore, the miminum sale price.
This is a gating item! If the minimum sale price is bigger than the Market-Analysis has determined the market will bear, then it is time to revisit the Specification to determine where costs can be cut. It also may be time to find a new idea to develop.
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