Product Development Strategy

A product development strategy dictates that the organization create new offerings for existing markets. The approach taken maybe to develop totally new offerings (product innovation) to enhance the value to customers of existing offerings (product augmentation) or to broaden the existing line of offerings by adding different sizes, forms, flavors,  and so forth (product line extension).

Companies successful at developing and commercializing new offerings lead their industries in sales growth and profitability. The likelihood of success is increased if  the development effort results in offerings that satisfy a clearly understood buyer need.

Important considerations in planning a product deployment strategy concern the market size and volume necessary for the effort to be profitable, the magnitude and timing of competitive response, the impact of the new product on existing offerings, and the capacity (in terms of human and financial investment and technology) of the organization to deliver the offerings to the market(s). more importantly, successful new offerings must have a significant point of difference reflected in superior product or service characteristics that deliver unique and wanted benefits to consumers.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

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