A New Perspective for Product Analysis

Product development is a complex and challenging task. The development team considers several factors while converting an idea into physical entity. The success of any product depends on value creation for the ultimate user or customer. Value is established by comparison between benefits and efforts. The wider the gap between these two more will be the value delivered to the customer. A novel analysis technique called Six-F factors mapping is proposed in this paper to assess the new product.

DESCRIPTION OF PROCESS

The Six-F factors Function, Feature, Form, Freedom, Formability, and Financial Feasibility are considered for detailed analysis of any product. Each factor has an assessment scale of 10 with relative weightages for different sub-factors. The product gets numerical valuation for each factors and overall assessment is mapped with desired one. .

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Innovation Based Competition

The predominant patterns of competition in business market are based on cost and quality of products or services offered by different organisations. The companies from Japan, German, etc. are focused on quality while Chinese organisations are known for lowest cost producers. Therefore Indian MSMEs need to establish themselves in a different domain. 

This new front is innovation based competition. The customer markets are actually segmented. Each segment size is not big enough for Chinese companies to customize their products. Even quality focused companies show less interest for these small segments. Therefore a latent potential exists for Indian companies to introduce innovative products for these segments. One mechanism to produce innovative products is to form virtual enterprises. 

Virtual Enterprise is defined as a temporary collaboration among compatible organizations and people connected by information & communication technology  to share resources, risks, responsibilities, rewards through effective and efficient solutions to fast changing business  opportunities. 

For more details about virtual enterprise, contact the author. Chinmay Das