Rushing a product to market RELY 1

Write an initial substantive response of 80 words in length. Begin your response with a restatement of the question/prompt, and include in-text citation(s) and a reference for each scholarly source used according to the APA guidelines found in the APA Style Guide located in the Student Success Center. The restatement of the question/prompt, the references, and the citations are not included in your response word count.

Share your thoughts and experiences on the possible negative consequences of rushing a new product to market. On the flip side, what might be the consequences of not getting a product to market soon enough (include the concept of First Mover’s Advantage).

Holly Lariccia

Rushing a product to the market can be risky if any stages of the Product Life-Style was skipped. There are eight steps in this process that ensure that products are ready to be “launched.” These steps are : idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization (Armstrong & Kotler, 2014 ). If any of these steps are skipped, the product could fail. Each step is important to follow so that nothing gets left out or messed up. I own an iPhone and I have quiet a few apps. They always need updates because something needs to be fixed. I am not sure if it was because the app was rushed to the market but I feel like that is possible. If I need to keep updating my app, why wasn’t everything fixed before it was available to the public?

 

However, a consequence of not getting a product to the market soon enough might mean that another company will launch their similar product first and then no one would buy yours. Investopedia states that First Mover’s Advantage is “a form of competitive advantage that a company earns by being the first to enter a specific market or industry. Being the first allows a company to acquire superior brand recognition and customer loyalty. The company also has more time to perfect its product or service” (Investopedia, 2006).

 

 

Armstrong, G. & Kotler, P.  (2014). Marketing an introduction.  12th Edition.

 

First Mover Definition | Investopedia. (2006, June 6). Retrieved from http://www.investopedia.com/terms/f/firstmover.asp