It is no mystery that products are one the most important factors that define the identity of any company. Products can also show how the company is positioning in market according to its competitor. Consequently, it is of great importance to develop a product that is unique in order to help the company be distinguished in the market and also be competitive enough to survive in the long run.
The technological advances in the science world have been a great help for companies to develop new products. In fact, R&D in a company like P&G is a factor that makes them to be the giant power in the health and beauty market accounting for $2 billion dollars annually according to forbes magazine.
In addition, P&G started “connect and develop” program to engage with 100 international companies as partners in order to find new ways of developing products.
However, it is important for a company to know what kind of customers are they targeting in the sense that if their new product is going to be adapted by the consumers right away or is it going to go down the chain of diffusion of innovation. For a company like apple, this has been the case that during the early days of new macbook pro people who were willing to try a new pc platform started to use it despite its lack of compatibility with different software programs.
Essentially, due to the great services that apple provided to its customers through mac stores, fixing the compatibility of new macbooks with software programs and great marketing campaigns, a large portion of consumers gradually shifted towards apple to the point that the apple had the largest amount of cash right after federal reserve due to its product strength and great services. Therefore, products along with the company’s services, marketing and creating value propositions for the customers can make a organization unique enough to survive in the firece competition of today’s global market.
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