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Stage – ID2: Design the Solution

Design is a vital part of the product development process, and can be defined as the formulation of an idea as a solution to a problem, or as a way of doing things better. In this context companies providing project, business or technology management services can be said to be involved in design.

Select a task name below for more information

Task Overview

Continuous market research can enable you to refine your targeting and develop a strategy for introducing your product to the market. It also helps you to set limits on production costs to ensure adequate profit.

What you need to do:

Carryout market analysis, and answer the following questions:

  • Is your product country-specific, with different characteristics and attributes depending on national markets?
  • Do particular market sub-sectors have different needs or purchasing habits that offer an early market entry opportunity?
  • How can your product be sold into a country’s national health system and are there any pricing constraints?
  • Does your product require extensive trials or have high development costs? If so, you need a margin above 40 per cent to be commercially viable.
  • Are there any current and emerging alternative therapeutic solutions that could expand or reduce the need for your product?
  • Do competitors have a strong market position from the point of view of technical merit, cost, evidence, trust, etc? Established manufacturers might challenge or oppose your new product. Also, where there is no product solution on the market, a customer may simply not buy a new one.
  • What do potential customers think to your idea? Demonstrate your concept using 3D images, fast prototypes or in other ways.