In: Accounting
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?
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.