Key questions that should precede new product development
This briefing note (No.9 in the MicroSave-Africa series) outlines six essential questions that a microfinance institution should ask prior to setting about new product development. The six questions are:
- Are we starting product development to make our MFI more market driven?
- Are we setting about product development as a process?
- Can our MFI handle the strains and stresses of introducing a new product?
- Do we fully understand the cost structure of our products?
- Can we refine, repackage and relaunch existing products before we develop a new one?
- Are we falling into the product proliferation trap?