Published by:
Harvard Business Publishing
Length: 6 pages
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Abstract
When the product market changes quickly, companies have to respond fast if they want to preserve their positions. But being fast to market is no advantage if the product isn''t right. A better approach is to determine what the entry risks and opportunity costs are, and then use the appropriate strategy plotted on the product development map. For some products, it makes sense to use a step-by-step approach that breaks the development task into smaller, more manageable steps. For others, it may be better to develop a hybrid product. At other times, the best plan is to acquire the needed technology or to exit the market completely.
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Abstract
When the product market changes quickly, companies have to respond fast if they want to preserve their positions. But being fast to market is no advantage if the product isn''t right. A better approach is to determine what the entry risks and opportunity costs are, and then use the appropriate strategy plotted on the product development map. For some products, it makes sense to use a step-by-step approach that breaks the development task into smaller, more manageable steps. For others, it may be better to develop a hybrid product. At other times, the best plan is to acquire the needed technology or to exit the market completely.