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 New Product Development |
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| Quickly developing new products and reducing the product
development cycle are the main purposes of the R&D center. There
are eight distinct phases in their new product develop cycle: |
| a. |
Market Research: Front line staff continually collect new field data relating to changes in market demand such as new product market size, price sensitivity,and competition. |
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| b. |
Feasibility Study Report: A team of five staff correlate the data from across the entire country and compile a written feasibility study report on the basis of the information collected detailing the product, expected market size, pricing, segmentation, competition. |
| c. |
R&D Budget: A budget is calculated for the potential revenue and cost of developing the new product. |
| d. |
R&D Approval: The budget report is presented for the CEO¨s approval. |
| e. |
Laboratory Sample and Test: Samples are made and tested in the laboratory using advanced spectral analysis equipment. |
| f. |
Field Experiments: Iterative field experiments are carried out, usually in the greenhouse. |
| g. |
Trial sales are commenced. |
| h. |
Mass Production. |
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Currently, 60-70% of our field experiments are done in our
greenhouses, with the rest carried out in locales where the
natural environment is impossible for us to simulate. It takes
three to nine months, depending on the market demand, to develop a
new product. Our advanced and well-equipped R&D center cuts
overall R&D costs while shortening the new product development
cycle, making it one of our main competitive advantages.
Continuous innovation in new product development is one of our
core values.
In addition to developing new humic acid-based fertilizer
products, we are carrying out projects to develop derivatives from
humic acid. Examples include humic acid liquid film mulch and
humic acid sodium fodder additives. Also, soil-less seeding and
breeding of colored-leaf plants, rare-flowers and new species of
fruits and vegetables are in various stages of research. |
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