If your product is having challenges maintaining a steady and high selling point, or is in danger of losing its market, then it is important for you to take more proactive action. In such a critical practice, you need to know more about the product loss potential of your product.
This can even determine whether you should introduce something else or look for a substitute product. An understanding of what “lost” means can give you some direction about the future of your product’s potential in the market.
Product sawing away
If your product experience started out well, for example, customers are interested in your product, they are excited about the features, and they will buy it in the future. However, over time, users may start losing interest.
Though a sudden drop in sales may be an indication that customers are no longer interested and installed your product, the real cause of the problem may be much more complex.
Your customers changed their purchase habits over time, maybe they bought the same product elsewhere, maybe they added several complementary items, and so on. The most likely problem with a product’s decline is when it was once seen as the obvious choice.
Product sawing away much earlier
If a product starts losing its market when the users start shifting their interest to other similar products, probably a major change in the underlying environmental issues is involved.
A change in the surrounding economy, which is likely the underlying environmental change, can change the buying equation and can eventually push hard markets in many ways.
It is extremely important for you to understand the product loss potential of your product since this is the underlying environmental factor that initiated the shift in buying pattern. The biggest challenge in identifying the potential of a certain product is the identification of the underlying environmental problem.
The actual difficulty is in the assessment of the potential of the product, not the actual identification of the problem.
Product sawing away far later
Sometimes, the environment yo-yo’s quickly becomes like the Price is the final source of motive. In other words, lowering your selling price because of infrastructure costs or intense competition across various product categories may be a mere tool of induced procurement, which never converted to sales.
Sometimes, the underlying environmental problems are more serious, and with recent technological breakthroughs, the product may easily be substituted.
To identify product loss potential, focus on understanding the underlying issue perhaps in the range of three factors:
- Product engineering or design development
- Product design
- Business processes of management
Product design is the fundamental base of a product, grading and development of the design includes between Samsung and docSecure as being the most crucial component of all products.
Further, how your product design works on both development and production stages is very important. While design engineering has great potential to assist in the downstream process of the development process, it follows that getting the design right in the development phase will not be achieved in a given production.
Their sawing away is now becoming the producers’ sawing away.
Product design error is a quite messy phenomenon. Accordingly when it happens, a Product Loss Potential Analysis (PLPA) may be the only plausible identification tool of training or fine-tuning the development process.
So, when there is a problem, for example product design error, product development or technical problems, and while the product design is not refined more than it should be, group discussions might help to learn and figure out the cause of the problem.
There is no way an IT solution can be provided to resolve the problem.
That would be a near impossible task. That is why, by looking at the technical side of the problem, environmental factors of which some processes was not taken into account, risks can often be solvable.
What is needed is a shared understanding of the process used by the customers and the users in the implementation of the product, to identify important improvements or con gra Sandisks that subside the problem of your product.
By recognizing the definition of Squash Leaks (of Sandfalls) of your product, product packaging or technology set, you can understand the potential product losses or more warning calls, they have at hand. By doing a SWOT Analysis, you can recognize the colleague’s educational79 Inspection of potential (squash) areas with significant potential for further improvement during the developers.
The initial distribution of your product may be created (I suggest you review your product and your planned business metrics before purchasing.)
First of all, develop a comprehensive list of all potential problem areas that could exist for your product. This is similar to undertaking a SWOT Analysis for your product, except it requires less planning.
Survey your front-line suppliers concerning which of product families that they feel are the most important to resolve. Quantify and conduct a cost/benefit analysis on the associated costs and benefits for each problem area. Improve the line of products that have the most potential to effect your distribution.