Develop new products or services

This standard is about developing new products or services. It includes agreeing a strategy in accordance with the organisation's overall marketing strategy and objectives. You generate ideas for new products or services. You test your ideas and develop business cases for new products or services and consult with stakeholders then present your ideas to decision makers. The standard also requires you to follow legal, regulatory and ethical guidelines. The standard is for marketing professionals who are involved in the development of new products or services.

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1. agree a new product or service strategy that is in accordance with your organisation's marketing strategy and objectives
2. generate ideas for new products or services
3. identify the ideas that have most potential to meet customer and business needs
4. propose market test plans for products or services
5. test ideas for new products or services in accordance with the test plan
6. assess the market and profit potential of the new products or services
7. assess the nature of potential threats posed by competitors
8. prepare a business case for new the products or services
9. create a risk assessment for the new products or services
10. justify your recommendations for the development of the new products or services
11. consult with stakeholders on the business case to gather feedback
12. review assessments and feedback and update your business cases
13. present business cases to decision-makers
14. agree actions for the new products or services with decision makers
15. follow current legal, regulatory and ethical requirements, codes of practice and organisational policies and procedures when developing the new products or services

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1. your organisation's short, medium and long-term marketing strategies and objectives
2. the legal, regulatory and ethical requirements that relate to the development of new products or services
3. the contents of a new product or service strategy
4. the different sources of ideas for potential new products or services
5. the methods for identifying customer behaviour and customer and business needs
6. how to match ideas generated with customer and business needs
7. the importance of test plans and how to develop them
8. the advantages and disadvantages of different types of market tests and trials
9. how to assess the market and profit potential of the new products or services
10. the methods for identifying and analysing competitor activity
11. the different forecasting techniques that can be used and how to apply them in exploring the potential for new products or services
12. how to prepare valid business cases in accordance with organisational requirements
13. how to develop risk assessments and why this is important
14. how to consult with stakeholders and agree actions
15. the current legal, regulatory and ethical requirements, codes of practice and organisational policies and procedures when developing the new products or services

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1

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01 Mar 2026

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Current

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Original

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Instructus

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CFAMAR19

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Marketing and Sales, Marketing and Sales Managers, Marketing Associate, Marketing Associate Professionals, Marketing Officer

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3554

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Marketing, sales, marketing management, market research, advertising, public relations

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