Best Time to Proceed with Product Development

Product development entails the introduction of a new product that either supplements or replaces an existing product line. It also includes modifying or updating current items. In this situation, the setting fits the second description, as the decision to continue developing athletic shoes to better versions falls under the latter definition (Sola et al., 2015). As such, this is a significant decision because a successful product development endeavor is critical for long-term survival.

Before deciding the ideal timing for product creation, consider innovation and technology, resources, launch, and the environment. These factors are what guide the company based on the market entry strategies, innovation, and superior products. The key aspect is that development should not take place until the risk-reward relationship has been determined. First and foremost, the market analysis should indicate that the developed product is highly sellable. Also, the cost should be reasonable and balanced with the associated risks. Additionally, the top management people and workers should have already expressed their support and commitment to the process. Before the conditions mentioned earlier have been met, then the risk of failure during the product cycle is proportionately higher. A company that opts for product development must have already reached a balance in profit generation, growth, business cycle, technology or innovation and market capabilities. A product line architecture is a good measure of how the new product (shoe) will look like, other similar products in the market, positioning and introduction sequence. Therefore positive customer feedback, available expertise, an excellent production champion and speed to market have to be well placed (Sola et al., 2015).

The obstacles to a new shoe version production include lack of market and cost analyses, intense competition, inadequate expertise, patent issues and insufficient resources. It is only when all these challenges have been assessed and cleared that the decision for product development can be implemented without being overwhelmed at any stage of its cycle.

References

Sola, D., Borioli, S.G. & Scalabrini, G. (2015). New Product Development and Disciplined Experimentation . Symphonya Emerging Issues in Management, 105-119.