Are the products and services you offer today meeting the needs and desires of your target market? The pace by which a new product remains the “new kid on the block” continues to get shorter and shorter. Companies need to continually focus on ensuring their product is current, relevant, and profitable.
Many companies continue to keep their product as is, without ever changing. Sometimes this serves them well for a period of time; however, even the Colonel with Kentucky Fried Chicken adds (and eliminates) some food features periodically.
The creation of products with new or different characteristics that offer new or additional benefits to the customer must always be a focus. Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche.
Several of the techniques employed include:
Tim Neville has the experience to help management assess your current products and determine if and when there should be modifications, eliminations, or the design and development of a new product. His experience and expertise will greatly benefit your bottom line.