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THE
PROVERBIAL PRODUCT DEVELOPMENT DILEMMA
If we optimize ALL
product features to customer needs, we will have a product that few customers
will be able to afford.
If we optimize FEW
product features to customer needs, we will have a product that few people
will want.
The key is to
IDENTIFY and OPTIMIZE
those product features which have the strongest relationship to customer
acquisition interest and provide the quality and performance they expect,
along with the safety and efficacy required by regulatory bodies.
Customers may be UNAWARE
of regulatory or safety requirements that manufacturers must meet. Customer
environments CHANGE; competitors launch
new products.
Market dynamics, positioning,
competitive benchmarking and pricing NEED
to be understood before launch.
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