Paper
New Product Development for Microfinance: Design, Testing and Launch
How can microfinance institutions expand their product lines?
71 pages
This note picks up after the MFI has evaluated the feasibility of introducing a new product and is ready to proceed with the development process, which includes design, testing, and product launch. Specifically, this note illustrates how MFIs:
- Gather the institutional resources and commitment necessary to successfully design, test, and launch the product;
- Undertake preliminary market research to segment the market and solicit focused feedback from target customers;
- Design a product prototype, to be used in the pilot test;
- Conduct a pilot test, to refine the prototype and determine if launching the new product makes sense;
- Develop a marketing strategy and internal systems to successfully launch the new product and manage its on-going refinement;
- Understand the factors contributing to successful product development.
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