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Key questions that should precede new product development

Topic :

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:

  1. Are we starting product development to make our MFI more market driven?
  2. Are we setting about product development as a process?
  3. Can our MFI handle the strains and stresses of introducing a new product?
  4. Do we fully understand the cost structure of our products?
  5. Can we refine, repackage and relaunch existing products before we develop a new one?
  6. Are we falling into the product proliferation trap?

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