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The Street Smart MBA: 10 Proven Strategies for Driving Business Success by James J. Mangraviti Jr., Steve Babitsky

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Step 3: Develop Products Customers Love

New product development is an important part of any successful business, and the development process can be a lot of fun: you get to be creative. You get to try something new. If the product takes off, you make money. But new product development can also be fraught with danger. If you build something that no one ends up buying, you will have wasted much time and money. This chapter provides the painful but valuable lessons we have learned regarding new product development.

1. Listen to your customers.

EXECUTIVE SUMMARY: It is extremely risky to develop new products without first researching what your customers ...

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