Question

In: Accounting

2. Is it better to market a new product quickly and then upgrade the design later...

2. Is it better to market a new product quickly and then upgrade the design later or to incorporate all design modifications or improvements before launching the product?

3. How can product development costs be minimized by entering the market late?

4. Customers’ wants and needs are regionally different for products intended for global markets. How can a centralized, concurrent engineering team develop a product that will serve as the common “platform” for global markets?

Solutions

Expert Solution

2. No an organisation must think it through beforehand in terms of design, UI, modifiactions or improvements and enter the market. A new product which has been developed and marketed very soon before making the decisions of design and upgrades whould certainly fail by the consumer. So, it is always advised to invest in good market survey research and reports so that adequate and genuine data points can be received which represents the true customer perception and likings. That being said in order to exploit first mover advantage and getting a large market share the organisation must invest and do everything it can beforehand to offer an ideal product.

3. The market shouln't be entered too late so as to loosing to the competitors in the market share. The market must be entered at the right stage keeping in account the situation of the organisation by making timely decisions. Cutting down material costs, better inventory management, optimization of employee performances through incentives, overheads control, keeping in check non value adding processes, etc can be the ways to reduce product cost. Not entering the market right after the product is prepared can become disastrous for the organissation as it won't be able to get its perceived value to customers. Simply enetring the market after a while equips the organisation with better information at their disposal.

4. The idea lies at having the best piece if information, numbers available with the organisation so that efficient decision making for the product can be made. It is true that customer wants and prefrences vary gloablly due to regional/ geographic demographics. In order to develop a global product it is pertinent to know whether a product is capable of being developed for gloabal users, whether it solves or simplifes an existing problem or process, what are the common factors between gloabl population that does not change even if they vary materially. Common examples of single serving gloabal products are consumer electronics, food and beverages, etc.


Related Solutions

“It is better to market a new product quickly and then upgrade the design later than...
“It is better to market a new product quickly and then upgrade the design later than incorporating all design modifications and improvements before launching the product.” Do you agree/disagree with this statement? Justify your answer and provide at least one example.
In general the it is better to mine a tunnel upgrade (uphill) rather than downgrade because...
In general the it is better to mine a tunnel upgrade (uphill) rather than downgrade because the upgrade has (a) more favorable discontinuity orientation (b) water in tunnel will drain away from tunnel face (c) gravity better assists in mining tunnel face (d) downgrade from tunnel face speed up muck removal (e) all answers apply
Your company is developing a new product for cleaning up oil spills. This process quickly turns...
Your company is developing a new product for cleaning up oil spills. This process quickly turns oil spilled from tankers into a biodegradable component, but it is expense to produce and now that you have done some intial development, you are trying to determine if it is feasible to move forward into full scale production. Based on your engineering estimates, it will cost $22,500,000 to build the production facility to make this product. It will cost $1,200,000 to operate it...
Part I - Product Design and Service Design: Product Design Create a product design within an...
Part I - Product Design and Service Design: Product Design Create a product design within an operations management environment, using real world research to support your work. At the beginning of your paper, introduce your planned work, to include a description of the elements of the product design, that you selected to focus on, and how you plan to apply it to a real world scenario.
A new product is being evaluated. Market research has surveyed the potential market for this product...
A new product is being evaluated. Market research has surveyed the potential market for this product and believes that it will generate a total demand of 50,000 units at average price of $280. Total sots for the various value-chain functions using existing process technology are: Value Chain Function Total cost over Product life R & D 4,510,000 Design 730,000 Manufacturing 3,000,000 Marketing 900,000 Distribution 1,100,000 Customer Service 760,000 Total Cost over product life $11,000,000 Management has a target profit percentage...
A series of vertical curves connect a 3% upgrade, a 2% downgrade, and another 3% upgrade...
A series of vertical curves connect a 3% upgrade, a 2% downgrade, and another 3% upgrade moving west to east. These curves are designed such that they connect directly to one another (i.e., the PVT of the first curve is the PVC of the second curve). If the design speed of the alignment is 60 mi/h, what is the elevation difference between the two road segments (i.e., the vertical difference between the PVC of the first curve and the PVT...
"Is it better for a company to produce only one product? Or is it better for...
"Is it better for a company to produce only one product? Or is it better for a company to produce several products? Put differently, is diversification better than specialization, or is specialization better than diversification?"
Is it better for a company to produce only one product? Or is it better for...
Is it better for a company to produce only one product? Or is it better for a company to produce several products? Put differently, is diversification better than specialization, or is specialization better than diversification? Please explain why you feel this way.
Kagle design engineers are in the process of developing a new “green” product, one that will...
Kagle design engineers are in the process of developing a new “green” product, one that will significantly reduce impact on the environment and yet still provide the desired customer functionality. Currently, two designs are being considered. The manager of Kagle has told the engineers that the cost for the new product cannot exceed $550 per unit (target cost). In the past, the Cost Accounting Department has given estimated costs using a unit-based system. At the request of the Engineering Department,...
What is the role of sampling to introduce a new product to the market?
What is the role of sampling to introduce a new product to the market?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT