Is the Industrial Sector of Pakistan Able To Sustain the Ideas of Asif Ali Gohar

Like many other countries in the Asian block, Pakistan is a developing country with a thriving economy, full of opportunities. The industrial sector of Pakistan generates 28% of the GDP of the country. Textile and apparel manufacturing is the largest segment of industrial processes but the industry is not limited to it as it also includes surgical instrument units, chemical factories, and a newfound automotive industry. However, the textile industry continues to dominate the rest and holds great potential as it contributes a whopping 15.4 billion US dollars of exports. Consequently, it is a source of employment for 45% of the total workforce in the country. Asif Ali Gohar wants to use this potential and produce rice-based vegan leather.

While industrial processes generate a substantial amount of GDP in Pakistan, it is primarily an agricultural-based economy. It is one of the largest producers of rice in the South Asian region and is also the 8th largest exporter of rice in the world. Asif Ali Gohar wants to reform two of the most prominent sectors of Pakistan, the rice sector and the textile industry by initiating the production of vegan leather. Asif Ali Gohar is a well-known German entrepreneur who is famous in the Atlantic Isle for his innovative ideas and creative mindset. Asif is a vegan and has been working on finding alternatives to leather since his high school years. Initially, it was just a high school project but later on, Asif found the idea to be very interesting and he continued working on it.

After years of research, he was able to find the perfect method that would convert rice into a polymer that resembled the properties of animal-based leather. As a Business Administration graduate of the University of Hamburg, he knew that this was a scalable and profitable business. Now with the emerging industrial sector of Pakistan, Asif envisions the country to be one of the largest vegan leather producers by 2030. Partnerships like these are very beneficial for developing economies as they allow for foreign direct investments and the flow of technology. Additionally, it gives a boost to the GDP of the country and helps to sustain a positive economic growth rate which is vital to the development of a low-income country.

The reasons for choosing Pakistan for his project are very evident. First and foremost, Pakistan has a huge textile industry which would allow Asif to produce various products such as leather bags, belts, and other accessories easily. Similarly, Pakistan is also a large rice producer. This means that there would be a decent supply of raw materials to suit the needs of the project. Moreover, Pakistan is already a big player in the leather market. Product diversification such as vegan leather products can help Pakistan to generate more revenues from the leather trade. The only delay faced by Asif Ali Gohar is due to a lack of a team that can connect him with rice producers in Pakistan. Asif wants to connect with a team of investors or stakeholders that can help him swiftly set up operations in the country.

4 Common Mistakes to Avoid in New Product Development

The successful operation of a business depends on the uniqueness of its products and innovations. Now, successful new product development might be the key to a healthy manufacturing business, but only about 30% of products that hit the market actually deliver the returns that were expected of them. So, what seems to be the cause of this misfortune?

Well, many businesses often miss out on a few important factors of the product development process that eventually leads to the destruction of the entire project. Therefore, they often end up overspending and missing the intended launch date only to introduce a product which isn’t exactly the best. So, what can businesses do to avoid this? Well, they should avoid these 4 common mistakes:

1. No Market Research

One of the biggest mistakes businesses or new product managers make is failure to carry out thorough market analysis and research before ‘screening the idea’.

Failure to research directly leads to the annihilation of the entire project, as you have no information regarding what consumers actually want, how you can meet their demands, and address basic issues and problems.

While it is understandable that every business has deadlines to meet, make it a habit to always carry out thorough market research before moving on with the product development process. This way, you can avoid any possible mistakes and create a strategic plan that will lead the way for future product developments.

2. No Future Planning

New product development is all about creating new innovations for the future. Designers and engineers spend significant time in working out solutions that will not only give a good ROI in the present, but also in the future. Failure of future planning will directly result in poor product development and jeopardize the way for future product developments as well.

Therefore, to avoid this from happening, make sure to fine tune your product for the future. This way, you can avoid creating products that are superior in terms of ‘features’ and instead focus on ‘simplicity’, which is the key for successful new product development. So, when you have a good idea, make sure to analyze how it will perform and function in the future with the rise of new technological advancements.

3. Focusing on Benefits, Not on Product

Many businesses believe a successful product should provide numerous benefits to consumers. While this is a good approach to new product development, it may actually raise many issues and problems in circumstances where the product cannot provide what was quoted. Keep in mind, the focus of the development team should be on the product itself rather than the benefits provided. Ultimately, the customer will buy the product for its benefits, but unless you do not focus on the limits of the product, the end result would be a great product that perhaps no one would want to spend money on.

4. Pricing It Too High or Low

Every business wants to gain maximum ROI on the new product they have brought into the market. However, the customer would not buy the product because it is too costly and you will not be able to earn profits if the price is too low. Therefore, the pricing of the product has to be consistent with the benefits it provides and the purchasing power of your target market.

Keep in mind, if the price is too high, the customer is likely to ignore the new product and it will remain on the shelves, thus resulting in a huge loss. Therefore, make sure to price your products based on the price competitors’ charge.

Plan To Succeed With Product Creation: Don’t Forget Your Product Launch

When we think about creating products for the information market we tend to forget about a very important task. We know we need to plan all of the products in the funnel. So we dutifully list them all, and identify the tasks associated with them. But then we go and forget a whole set of products and tasks as if those tasks were somehow someone else’s problem.

I’m talking of course, about the product launch.

What is a product launch?

Well, there are several forms of product launch. It could be as complex as arranging multiple affiliates and a multi-week email and video marketing program with live events. Or as simple as writing up a sales page, modifying the existing pages and posting the product.

But however complex the launch, you still need to include it in the product creation plan.

First off, if you don’t you run the risk of having the product ready and suddenly realizing you’ve got a lot more work to do. There’s an hour and a half of videos to be written, shot & edited. There’s six sales pages to be written (or five blog entries plus an opt-in page). There are phone calls to be made. There are emails to be written. There’s an email campaign to be written. And so on.

It gets worse of course. Some of those tasks should have been done weeks ago. Writing emails to affiliates (and phone calls to them) needs to be done several weeks before the actual launch. Otherwise you won’t be able to negotiate with the affiliates to send out your emails.

Not only that, but some of those tasks could have been outsourced if you had thought of it before. It’s hard to go out and find someone in a day who is willing to write an email campaign for you. On the other hand, give yourself enough time and there is no problem getting someone to do the work for what you’re willing to pay.

And of course, there’s also the concept of quality to introduce. Those emails you outsourced? They need to be checked and edited before they go out. You don’t want to end up sounding like you didn’t finish grade 1 do you?

On the other hand, by including the product launch you gain a much better handle on a number of issues. For example, you have a much better handle on what work needs to be done before the launch and what can be delayed. You also have better control on what you can outsource and what you need to do. Your costs will be less because you can afford to shop around more. And you can produce better materials by combining your editing and quality control steps.