Product Invention Roadmap

Often time, we’ve come up with the ideas and wanting to invent the product for our own use rather than buying them from the superstore and retail shop.  Often time we bought the products and feel the products are not as good as it’s advertisement and we would want to make our own product.  How about getting to know the steps in inventing a product and a 2 ways decision if the product invention is a success.

The Idea and Creation of the new Invention

First and foremost, we usually have the idea comes up with something that we would like to invent.  This idea coming up thing is in the very first process of the new product invention.  After you have your own idea of something, you might need to protect them to let other people know, and this process is meant to protect your own idea.  Next one is to do market evaluation, concept evaluation.  This is to find out if our ideas are applicable and if the actual products are to be developed from the idea, will the market accept the product or will the prototype be applicable to be manufactured

Marketing Decision

After the invention process and we have successfully built the prototype or even manufactured the product generated from our ideas.  The decision after this would be to license or sell the product OR to market the product ourselves.  There are always pros and cons on everything in every ankles.  If we are to market the product by ourselves, it will take times and maybe a bigger budget for marketing and cost of setting up, but when the products are well-known and are accepted in the market wide, the margin from own-marketing will be higher than those of licensing method.  On the other hand, licensing your innovative products can be a great advantage in terms of the speed of product penetration to the market and wider range of our product to be sitting in the market.  As mentioned everything has pros and cons.  The decision on in inventing the products to the marketing of the products are based on the one’s judgment and it’s also depended on the circumstances.

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