Do you need dedicated resource to help manage your product

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:

1. Cost
2. Materials
3. Technology
4. 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.

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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