Essay on Benefits Of Accelerating Time For Market

818 Words Sep 30th, 2015 4 Pages
The focus of this paper is to provide a basic understanding of the benefits from accelerating time to market (TTM), as well as to lay emphasis on how to improve time to market through essential managerial methods. It is hard to define precisely TTM as it varies because of its complexity and uncertainty. In this article, TTM is considered as the period from the concept of a certain product is approved, to the availability for sale to customers. A company could enter the competitive market earlier and occupy more share in the market, generating more overall profits, if the company takes steps to shorten TTM. These steps can include, but are not limited to, product and planning, resource management, risk management, shared information management, virtual product development, and reuse existing model.
The Faster Time to Market, the More benefits to Company
As the world is changing constantly, the products are outmoded continually and quickly, especially for fast-moving industries, new products that satisfy the varied demands of the consumers should enter the market. Optimizing TTM allows a company to take the competitive advantages of bringing the latest products to market. As other competitors are not able to launch new products in time, the company could fix a premium price in the early selling period, grabbing more market share and boosting more total revenue. This increased revenue is also partially accounted for by the longer market life cycle from launching new products…

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