Time in Product Development Phase

TIME IN PRODUCT DEVELOPMENT PHASE 4

Timein Product Development Phase

Timein Product Development Phase

Inregards to the Tracking Product Teams by Charles and Rymond (1991),the time factor is a crucial aspect when it comes to the matters ofproduct development. Time is now valuable even more than money, andtherefore, the manufacturers of any product should put intoconsideration this aspect of time for them to realize the profitsfrom their sales of the manufactured commodities. As is anticipatinglaunching my Capstone enterprise on the market, I consider the aspectof time especially in reducing the product cycle of a new product onthe new market (Trott, 2008).

Itis therefore very essential to make intelligent decisions which willfully enhance the success of the new products on the market whenlaunching. For fast advancement, as an enterprise, we must create newproducts that will make the highest profit in the least timeavailable. Measures should be put in place in evaluating theprocedures that should be put in place to enhance time managementwhen opting to introduce a new product in the market (Trott, 2008).To ensure product meets the needs of the customer within the shortesttime possible, some key elements has to be considered which includesthe critical fundamentals of product development, the venture incommodity development and the profits or returns from thatinvestment.

Itis to my realization that in every investment especially inmanufacturing of a new product, time is very much crucial in theproduct development cycle phase. The profit or returns to be realizeddepends majorly on the time spent in bringing the product to themarket. I, therefore, the comment that time has a great impact on thedevelopment of as commodity’s success than the cost of production(Trott, 2008). In the development phase is normally important toconsult with manufacturers of a product, its intention to determinehow to manufacture the product at the desired price within theminimal time frame.

Reference

Trott,P. (2008).&nbspInnovationmanagement and new product development.Harlow, England: FinancialTimes/Prentice Hall.