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Phase 3 - Product Testing and Feedback

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Melva Guerra
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5 views

Phase 3 - Product Testing and Feedback

Uploaded by

Melva Guerra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Phase 3 - Product Testing and Feedback

1. Concept Validation
Objective:
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Identify the Problem: Describe the problem your product intends to solve. Explain why this
problem matters to the target audience.
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Unique Selling Points: Outline the key features that set the product apart from competitors.
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Feedback Collection: Gather initial feedback on the concept through focus groups, surveys, or
social media polls.
** Insert your survey questions here **

2. Market Research
Competitor Analysis: Research competitors to identify their strengths, weaknesses, and any
gaps your product could fill.
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Target Audience Definition**: Define demographics and psychographics to help shape a


product description that speaks directly to potential customers. Examine market trends that align
with the product, including customer preferences, technology advancements, or seasonal
demands.
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Sales Projections: Use data from similar products and market trends to estimate sales potential
and adjust the product's positioning.
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3. Material Sourcing
Supplier Research: Identify and vet suppliers who can provide materials that meet quality, cost,
and sustainability standards. Give each item of your product recipe (improved formula) and
state where they can be purchased - all stores where available with pricing. Have at least 2
places where you can get your materials. Create a criteria for purchasing at a particular store.
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Cost Analysis: Determine the cost of materials per unit and assess how this impacts the overall
product price.
Give a full breakdown of the cost to make your product - include your sale cost so that projected
profit can be calculated.

Sustainability Check: Consider environmentally friendly materials to appeal to eco-conscious


customers if this aligns with the brand.
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4. Design and Testing


Finalize a product design that meets both functional and aesthetic standards, ensuring it’s
ready for market. Place pictures of your product/service here.

Include your Logo, branding and packaging components here:

Analysis and Recommendations: Use feedback to adjust the product concept, if needed,
ensuring it aligns closely with customer expectations and solves a real problem. Include a
detailed breakdown of your total sales, profit and feedback from your audience.
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