Most businesses thrive on selling products to make profit. Products must be promoted through some effective marketing plan to attract the consumer’s attention and purchase response. New products are required to stir the interest of the consumers who do not like to be always on the old product. They want new stuff and more choices.
Hence, a new product proposal is necessary to introduce a new product to the management by the marketing or development team in any company. They would need to test the new product through surveys and trial runs before committing to the products salability lifespan.
Products will come and go as consumer’s taste and preference change. A new product proposal template allows the development and research team to generate a new product proposal for the management’s review and approval.
It can contain an executive summary with the objective of introducing a new product together with the marketing plans and strategies. Costs of all nature are included in a new product proposal to be realistic on the amount that would be imposed on the company’s financial standing with this new product.
A new product proposal can contain the following pieces of information:
* Introduction of Company
* Product title
* Description of product
* Benefits of product
* Proposed Strategic plan
* Product Market analysis
* Product schedule on development, testing and marketing
Consider the attached sample template for your convenience.