Timing plays an important role when It comes to Innovation. If a product Is not introduced to market at the right time, a product that could have otherwise been successful could fall. A successful company will Introduce a product when It Is fully- functioning and backed by critical partners. Other companies try to take a different route to success. There are different reasons why a company might Ignore the traditional route of entering market.
One is that sometimes firms purposely enter the market without having any established strategic partnerships within the adoption outwork with the assumption that once the innovation starts becoming successful, the critical players will support the innovation on their own accord (Peasant & Told, 2011, p. 332). The problem with this Is that without the proper support, even if the product experiences unexpected growth in the beginning it is likely to never reach the bulk of their target market.
It is Important for these companies to gain the benefits of these strategic partnerships upon release of the product so that they can reach large-scale acceptance (Peasant & Tide, 2011, p. 332). Another reason why firms try to rush to market is to try and set the technological standard for an idea, along with to start recovering from their investments in the product. What firms sometimes do not realize is that when they rush their product into market, there are likely to be imperfections with its performance.
The customers who buy the product early are the ones the firm should be striving to impress and the ones who have the highest expectations; they are oftentimes the most valuable customers. When the product Is not satisfactory, these customers could be disappointed which Is likely to affect their future purchases from your company. Like timing, the positioning of a product Is also Important to Its Innovation cycle. When a company decides to target a specific market like they should, the company needs to ensure that the features that Intrigue that target market are In perfectly working order.
RIM proved that this was a successful route with the introduction of the BlackBerry and the enticing email In real-time feature (Peasant & Tide, 2011, p. 334). RIM knew that their target market were business workers who valued the email in real-time feature for when they were out of the office, so they made sure this eater worked perfectly among introducing it into market Along those same lines, if a product is not marketed toward the right target market, It Is likely to not be utilized to Its fullest capabilities.
There could be numerous features that go unnoticed because the features are not relevant to the market it actually reaches. A lack to proactive targeting to the early adopters NAS been a big reason why businesses are known to fail after launch of their product (Peasant & Tide, 2011, p. 334). Reference Peasant, J. , & Tide, J. (2011). Innovation and entrepreneurship. (2nd De. ). Wiley. Retrieved from http://diver. Viticulture. Com/