These strategic methods of supporting a product are known as product life cycle management. They can also help determine when newer products are ready to push older ones from the market. Even for those producing non-tangible products there are also challenges when it comes to determining the number of product lines.

  • One thing that can help with risk assessment – and product development – is doing the required market research.
  • You might need to calculate different prices for different territories, markets or sales you make online.
  • If people are visiting your product page then it’s a good indication that there’s interest in buying it.
  • Costing is a business analysis process where you take all information gathered thus far and add up what your cost of goods sold will be so you can determine a retail price and gross margin.

The idea is not to be a copycat, but to see … Read More