Challenges in New Product Development
Product development refers to the entire process of conceptualizing ideas, designing, developing and eventually introducing a new product or service in the market so that it not only outshines competitors but also earn huge revenues for the organization. Launch of a new product definitely raises the expectations of end-users who look forward to something which…
The Value of a Product Manager for Companies
Product management is needed in companies that have several products and brands where the need for integrated management of the product lifecycle makes the difference between success and failure. Hence, these companies need to create the post of a product manager who can help them manage the end to end product development in a seamless…
Post Product Launch
Successful product launch does not end with merely introducing the new product in the market and then forgetting about it. Some organizations tend to adopt a casual attitude once their product is in the market and trust me; this is one of the biggest blunders to commit. Post product launch is often the most underestimated…
Companies that are responsible for the production and distribution of products have a lot on their plates. Every product has a particular lifecycle. In order for that lifecycle to last as long as possible, some considerations need to be made. A successful product manager is always vigilant in their efforts to do what’s best for the product they’re selling.
Whenever you’re dealing with a product that’s in high demand, you will naturally have a large number of competitors trying to take a slice out of your market share. It’s wise to look at what the competitors are doing well and incorporate those aspects into how you do business. Be careful with this pursuit as it creates the potential that you could lose track of your identity as an organization.
The amount of data surrounding any product is astounding. The quantity of the data you have collected means nothing if you are unable to do anything with the data though. You have to be able to look at the facts and figures and see how those digits fit into the grand scheme of things. Using this information, you should be able to forge a plan for how you will proceed in the future.
Saying that the customer is always right might sound cliche, but it couldn’t be any truer. Your customers are the ones who go out and buy your products in massive amounts. You need to keep their needs in mind as you’re working to maintain the current position of your projects and design new products. Your investment in them will pay dividends later on down the line.
During the production process, you might feel tempted to cut costs in the hopes that you can maximize profits. It’s important to avoid cutting costs so much that you diminish the overall quality of product. You have to have a product that’s both affordable for you and the people you want to buy it. Customers have so many options out there that it’s only right that your product ranks at the top of their list.
Article Written by
Himanshu Juneja, the founder of Management Study Guide (MSG), is a commerce graduate from Delhi University and an MBA holder from the esteemed Institute of Management Technology (IMT). He has always been someone deeply rooted in academic excellence and driven by a relentless desire to create value. Recently, he was honored with the “Most Aspiring Entrepreneur and Management Coach of 2025 (Blindwink Awards 2025)” award, a testament to his hard work, vision, and the value MSG continues to deliver to the global community.
Article Written by
Himanshu Juneja, the founder of Management Study Guide (MSG), is a commerce graduate from Delhi University and an MBA holder from the esteemed Institute of Management Technology (IMT). He has always been someone deeply rooted in academic excellence and driven by a relentless desire to create value. Recently, he was honored with the “Most Aspiring Entrepreneur and Management Coach of 2025 (Blindwink Awards 2025)” award, a testament to his hard work, vision, and the value MSG continues to deliver to the global community.
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