It is helpful to summarize the essential characteristics of your product on two pages. The summary is a concise picture of the product and a reminder of what product development activities are required to completely understand market, technical and financial feasibility. The summary is updated at several stages during the development process. The first time around, some of the information will be rough estimates. The second time around the information will be firmer. The third and final time around the information will be fixed.
Use this form (word doc) to create your product summary.
- Product Title: A short title for the product.
- Product Description: A concise, one-paragraph description of the product.
- Primary Customer: Target end-user. Be specific, e.g. "interventional cardiologist" rather than "doctor"
- Other Customers: Secondary market. Or, for medical products, primary customer might be the clinician and the secondary customer the patient, or vice-versa. For medical products, be specific in the description of the patient.
- Purchasing Influencers: People or organizations that influence the purchasing decision.
- Competitive Advantage: Brief description of why this product is better than direct or indirect competition and better than current solutions.
- Sales Channel: Retail? B2B? Medical sales force? Distributer?
- End User Price: What it costs to buy the product.
- Factory Cost: What it costs to make the product.
- Manufacturing Location: Where it will be made. Factory location if made in-house. Contract manufacturer name and factory location if out-sourced.
- Regulatory: Key regulatory considerations. For medical product, list FDA Device Class, the FDA Product Code and whether the 510K or PMA route will be used (see www.fda.gov). For other products, list the major regulatory agencies that will impact the product.
- Competitors: List the major competitors or competing products.
- Patents: List key patents held by the company that cover the product and key patents held by others. Briefly summarize the IP picture.
- Launch Date: Month and year the product will be launched.
- Sales Volume: Project for number of units sold in year 1 and in year 5.
- Development Costs: What it will cost the company between May and the launch date to develop the product.
- Business Case: One concise paragraph on why (or why not) this product is a good idea.
- Plan: One concise paragraph on steps the client should take to continue the project beyond May.
Note: If the plan is to sell the IP or the company, then fill out some of the questions from the perspective of the buyer because that will help you to understand the value of the product to the buyer.
Submitting the Assignment
Email (PDF format) to your company contact and to your faculty mentor. Upload (PDF) to the course Canvas site. Only one member of the team has to upload to Canvas.