New products are the life of all businesses and for
these we need resources. Investing in their development is not waste - it is
crucial to business growth and profitability.But the development process is
risky. It needs constant planning and organisation.There are five key stages in
the lifecycle of any product which are as follows:-
Development - Product is only an idea. Investing heavily in research and
development is required
Introduction - launchingof product or service.
Growth- product or service is establishing itself. Now there are few
competitors, sales are growing and profit margins are good. Now it’s time to
work out how to reduce the costs of delivering the new product.
Maturity - growth of sale is slowing or has even stopped. You have to reduce
production and marketing costs, but due to increased competition the price of
product went down. Now it’s time to introduce and to invest in a new product.
Decline - new and improved products are in the market and level of competition
is very high. Sales fall and profit margins decline. Marketing will have an impact
on sales and it won't be cost-effective unless new markets are identified.
Hiring dedicated developers, means you are selecting individuals and they
take care of work. You individually assign them work and the developers provide
with the reports regarding the progress of the product. The
main reason to hire dedicated developers for your organization so that
they do not need to setup their own IT infra and all. Beside this major
advantages are as follows:
- Dedicated and experienced developers/programmers working for you
- Total control over the project work flow
- Developers showcase their innovation and creativity in your project
- Quality Assurance of the product and maximum Risk Mitigation
- No hidden cost involved
- Developers working as your in-house team
Here are the most important points to consider if
you want to effectively manage your product resources:
- Cost
- Materials
- Technology
- Research
and Development
You can manage
these resources by developing good relationships with vendors and always
looking for new ways to source materials. Make the investment in the
technology that will keep your product cutting edge, and always be on the
lookout for your product’s next evolution. When you produce a quality
product effectively, you have already won half the battle.
Financial
Planning involves three steps:
1)
Setting goals
2)
Assessing your financial situation
3)
Resource Management of a product.
Budgeting
Use a budget to help you manage your income, spending, debt and other liabilities prudently.
Use a budget to help you manage your income, spending, debt and other liabilities prudently.
Work out how much resources you now have and how much more you will need
for your goals.
You have to identify suitable actions to help you close the deficiency
and reach your goal.
Do consider the range of financial products and investments which are
available to you. You have to spend some time understanding them and how to use
them to reach your goals.
To extend the lifecycle of a product or service by
investing in a "Development strategy".
·
To increase promotional spending
of the Product.
- To introduce minor innovations - perhaps by adding extra features
or updating the design
- To seek new markets
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