Various approaches to building products and services

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Reference no: EM132375032

Various Approaches to Building Products and Services

There are at least five different common approaches to developing a new product or service. Each of the approaches is described in the rest of this topic. Some approaches seem to start out slow and soon stop altogether. Other approaches start out fast and then end in a flurry of confusion. Still, other approaches start out carefully and go on to make a huge difference for their clients. The approach you use depends on various factors.

Note that sometimes the approach to development of a new organization is essentially the same as the approach to development of its new product or service, particularly if the organization is new or only has one product or service. In that case, it might be difficult to detect any difference between the approaches to developing the overall organization and its new product or service.

"Build It and They Will Come" Approach This approach is common to new businesses, especially if their founder is rather inexperienced in marketing analysis, and/or has a strong passion - even an obsession - about providing a certain product or service. He bases his belief almost entirely on his or her own perception, even though there is sometimes no verified evidence of a market for the product or service. In this approach, the founder of the product or service:

1. On his own, designs a new product or service.

2. Applies to get funding from investors and is turned down due to lack of evidence that there really is a need for the product or service.

3. Advertises to the community, usually through word-of-mouth, flyers, brochures and direct mailings.

4. Experiences a great deal of frustration that most people do not flock to buy the product or service.

5. Substantially increases the advertising throughout the community.

6. Continues to experience frustration that sales remain very low.

7. Either abandons the effort or, if there really is a market for the product or service, persists and accomplishes the seat-of-the-pants approach to product or service development.

Attachment:- Various Approaches to Building Products and Services.rar

Reference no: EM132375032

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