Company’s Business Stategy for New Product.doc Essay
The following report is about the analysis of ‘multi-functional mobile handsets and new mobile technologies’ that will aid the company in creation of the strategy for product innovation in the near future. This is a brief report about the recent mobile technologies, emerging trends, behaviour and the need of the consumers. It explains the factors that company must consider when deciding on wether now this a good time to introduce more advance technologies with existing mobile phone handsets.
The different aspects related to the global market and pressures, the study of the advantages/disadvantages in our competencies compared to the competitors. It includes the factors that we must consider in making any decision in regard of making any type of collaboration with other companies and the methods the company can use to the product to be developed. An Overview of Company: We are medium sized multinational mobile company. We design and manufacture mobile handsets. As a very well known international mobile phone manufacturers, our product portfolio has concentrated on GSM (Global Mobile System) and 3G phones.
We have consumer market in four countries. We have approximately 3 million consumers of our products. We are cover almost 40% of market in these countries. Most
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We also have collaboration with other companies like Universal Mobiles and Mobilink in manufacturing different parts and production of complementary parts. While launching a new business or a new/advanced product into the market, a very important stage comes which involves the decision making regarding the factors that are to be considered affecting the success of that product. It means that the product which is going to be launched in the market should be the real improvements over the product (technology) it follows.
It will elaborate the advantages of owing it and will cause the more rapid customer acceptance of the product. It is very important to understand the working of the product concerned to the technology for which it is going to be the solution. It should be a fully enabling product, should contain all the functions required for that technology. It should be designed in a way that it can be later on modified and can be carried through to the later versions. It is very important to make sure the availability of all the complementary goods for the product with the launch of product.
It should be designed in a manner so that the early accessories can be compatible to the new design. A very vital decision in making entry into the market is to take care of the fact that what is the present position of the market for the product? If the technology is not much popular then making an early entry can cost you the more initial expenses and The Company may not have the exact idea what are the needs of the technology, late entrant competitor can take advantage on these factors.
But the late entry can be the cause of more competition. To make a decision to enter the market also depends on the financial situation of the company, as an early entrant the company have to bear the expenses for market awareness, building the resources like supplier and distribution channels, ensuring the supply of all the complementary goods with the product and also to ensure the significant finances to withstand the early negative cash flow.