TIME: A Successful Product Development
Today’s market is filled with competition. It has never been easier for existing companies to develop new products to compete with the new ones, or to lead its creation. Likewise, it is easier now for starting companies to introduce new products in an attempt to lead its market, or products to compete with the existing. To take an edge in this competition, companies should utilize the new product development process.
TIME Magazine is one among the many successful ventures which followed a product development process that contributed to its present successful stance in the otherwise highly saturated magazine industry. To begin with, the concept of TIME magazine took it apart from its pack. It was a newsmagazine, a new idea in the print industry when TIME was starting, and it was highly informative, its market—busy men who needs their cup of information fast—were those who are able to afford its tag price. When it was introduced in 1923, its main man Roy Larsen utilized the media, specifically radio and movie theaters, to promote the magazine. (Time Inc., 2006)
The generated idea was screened and from there a concept was developed. It was time for TIME to test the market. It was post-war
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Its business analyses showed that its ear for its readers won many readers over. Through time, TIME developed a style which remains until now. TIME also knew how to keep up with the times by having an online version of its magazine, part of its implementation and commercialization. Indeed, TIME exemplifies a product to which a development plan has been beneficial.
Time Inc. (2006). Anniversary. Retrieved September 9, 2006, from http://www.time.com/time/magazine/article/0,9171,931111-1,00.html