PRODUCT development

overview

In the entertainment business, new product development is the complete process of bringing a new product to market. It might be a new song, a new performance, or a new t-shirt. There are two parallel paths involved in the new product development process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Artist’s companies typically see new product development as the first stage in generating and commercializing new product within the overall strategic process used to maintain or grow their market share.

There are seven stages of new product development.

1. Idea Generation - Ideas for new products of the Artist can be obtained from basic research using a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats) as defined in the Artist Business Plan. *It’s the opportunities that the Artist should focus on to help determine new products. In addition, ideas can come from market and consumer trends, the Artist’s collaborators such as producer or agent. These collaborators may also be used to get an insight into new product lines or product features.

2. Idea Screening - The object is to eliminate unsound concepts prior to devoting resources to them. The Artist should ask several questions:

Will the customer in the target market benefit from the product?

What is the size and growth forecasts of the market segment / target market?

What is the current or expected competitive pressure for the product idea?

What are the industry sales and market trends the product idea is based on?

Is it technically feasible to manufacture the product?

Will the product be profitable when delivered to the customer at the target price?

3. Concept Development and Testing - Develop the marketing details. Investigate potential intellectual property issues and search copyrights.

Who is the target market?

What product features must the product incorporate?

What benefits will the product provide?

How will consumers react to the product?

How will the product be produced most cost effectively?

What will it cost to produce it?

4. Business Analysis – Artist should estimate likely selling price before they being producing the new product. They should also estimate sales volume based upon size of market. They should also estimate profitability and break-even point

5. Beta Testing and Market Testing – Part of the plan shou8ld be to produce a physical prototype or demo. Test it as well as the look of the packaging.

6. Technical Implementation – Artists should estimate the technical aspects of produc8ing their new product. Perhaps a full blown recording studio is not needed for a simple guitar and vocal track.

7. Commercialization - Launch the product. At this point of Product Development, the Artist will produce and place advertisements and other promotions. They will also fill the distribution pipeline with product

Product Development is implementing and producing: The making and the selling of music. Here are some things that make up Product Development.

1. Preparing Promotion

2. Producing Recordings

3. Film & Video

4. Packaging

5. Manufacturing

6. Distribution

7. Promotion

8. Publicity

9. Branding

10. Sales

11. Performances