When a new product enters the market, a lot of steps go into the process before the product reaches the shelves. The process is known as new-product development. The process starts with the generation of ideas that are later screened. The selected idea then turns into a concept. Later, the concept is turned into a brand that is tested for marketability. At this point, the new-product manager wants to ascertain whether the product will be able to garner enough profits or not. This stage is termed the business analysis stage. The new-product manager must gauge if the product would be profitable as per the firmâ€™s profit objectives. The new-product manager calculates the expected volume of sales, total sale proceeds, and total costs to calculate expected profits. The business analysis stage tells the firm about the profitability of the new product.
The business analysis stage is an indispensable part of the process of developing a new product. The firm calculates the expected total cost and sales amount to get a figure of the expected profits. The process of estimating anticipated costs and sales is complex as it involves extensive market research and forecasting. Additionally, the calculations are never static. The calculations have to be done every time there is a change in the market environment. Business analysis is succeeded by the actual development of the product. Hence, the business analysis stage acts as the last test before the product gets approval for actual development. The product goes into the development stage only if it passes the business analysis stage, that is, it proves to be profitable as per the profit goals of the firm. If the product does not get approval, the product might be modified or scrapped altogether. Hence, the business analysis protects the firm from the possibility of developing a product that does not give the firm suitable profits. The possibility remains that a product passes the business analysis stage, gets developed, and does not make enough profits. The business analysis stage reduces the possibility considerably as it contemplates all possible outcomes.
The business analysis involves ascertaining the selling price and total sales that will be earned when the product enters the market. There are different types of sales, such as first-time sales, replacement sales, and repeated sales. Depending on the kind of product, the type of sale also differs. For example, products that are purchased once in a lifetime will have more first-time sales. Products that are bought infrequently, such as automobiles and electric appliances, might have both first-time sales and replacement sales. Replacement sales take place when there are technological advancements or when the product becomes obsolete. Products that are bought frequently, such as nondurable goods, will have first-time sales and repeat sales if it satisfies the consumers. Therefore, the business analysis stage considers all types of sales in calculating the total expected sales of the new product. The total anticipated sales figure helps the firm in calculating the expected profits from the new product. Then, the firm decides if the new product brings sufficient profits or not.
To calculate the anticipated profits, the firm calculates the expected total of costs that will be incurred in manufacturing the new product. Other expenses such as marketing costs, advertising costs, and distribution costs are also included in the total costs. When the firm gets an estimate of the total costs, they proceed to calculate the amount of profit the new product might generate. The firm can then check if the new product yields enough profits. Calculation of costs, sales, and profits is mandatory because the business cannot rely on guesses. The firm needs factual data to see if the new product will be able to survive among the competitors. The new product must be able to tackle the competition, make a consumer base for itself, and increase the base.
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