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I-20

LESSON

Developing a New Product: Basic Steps

1. Determine the purpose of the product.

2. Determine who would use the product.

3. Determine the cost for “raw” materials, and whether it can be manufactured at a reasonable cost.

4. Determine where you would place the product for sale, and why.

5. Determine your methods of advertising, approximate costs, and design ads to attract customers.

2000

IDEA

BOOK

7—HANDOUT

2

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