The decisive advantages in addition to a high innovation tendency and internal expertise are to involve the customers already in the different stages of product development. The right products at the right time at the right place significantly represent the competitive advantage of a company. Product developments can be costly and time-consuming depending on the industry. Therefore, it is essential to bring products with the customer in line as early as possible. The decisive advantages in addition to a high innovation tendency and internal expertise are to involve the customers already in the different stages of the development process. The concept of an internal working group for the development of the product should consist of engineering/development, sales, marketing, and service and accompany the entire process up to the launch. You is based on the strategic objectives stipulated by the Management Board.
Product development begins with a needs analysis carried out in the market. This is provided through the Optimization needs of existing customers and supplemented if necessary carried out technology audits. Also the dealer will bind to a multi-tiered distribution. The results, summarized according to target groups, compared with research and studies from renowned institutes and material suppliers. This results in the new product specification for the development. Feasibility studies and profitability calculations support the decision whether development projects be carried out internally or given to external partners and lead to a corresponding list of priorities and the respective schedules.
The development process of also takes into account long term tests of prototypes for customers and their feedback for possible modifications derived. The advantages of product development is significantly reducing the flop rates clearly oriented. The integration of customer creates an additional customer proximity, which leads to unique competitive advantages. End customers such as dealer, also can be won as a partner and in the long term be bound. The customer is given greater awareness of the entire company and expanded the product and technology expertise. Marketing initiates and controls this process, so that the customer-oriented product development. The expertise, if it is not present in the company, can be purchased externally. While attention should be paid to sufficient practical experience. Short profile: Ratchford Marketing Consulting specializes in the support of B2B company (business relationship between company) specialized. The focus of our deliberations is in the identification and implementation of meaningful marketing activities as a key function to the company’s success. Marketing is both strategically as also operationally geared towards the business objectives. The owner Raymond Ratchford has an international marketing studies (degree graduate in business administration & Bachelor of Arts (Hons), European business studies) over a 20-year experience in marketing and business development at major international Industrial companies.