Principle of Product Policy Harvard Case Solution & Analysis

Introduction:

A company makes a policy in order to introduce a product in a market. A product is a commodity for which a potential buyer is willing to pay a price and is also willing to use it. A new product, which is in a process of being introduced in the market, carries a great amount of risk.

The risk associated with the product can be the unwillingness of the potential buyers to buy it or the product will not be able to recover the cost in the market or it could be that the product will not be a profitable commodity for the company to introduce in the market. It could also be that the competitors will not allow the product to make profits by defaming the product.

There are many factors that need to be considered when introducing a product in the market. To cope up with the risk factors and to respond to the risk associated with the product, it is important that the management of the company makes appropriate strategy to deal with the risks.

It is important to consider the outcomes of the product. What reaction the product will receive is also important to be evaluated. This evaluation will be based on the market research on the basis of the characteristics of the product and the taste and behavior of the public to which the product will be offered.

To deal with the situations in the market and to guide the management for the successful journey of the product in the market, the management has to make broad decisions, which will help in dealing with the problems faced in the successful journey of the product.

In the development of a new product, idea generation is the core of the success of the product. A new idea is required which can strike the brains of customers and will penetrate into their mind.

When a new idea has been generated, the second step will be to develop the concept and test the concept. Will it be a success or not is the question to be answered by the potential buyers in the market.

The next stage of product development is the physical development of the product and the testing of the product that to what extent it is penetrating in the mind of the potential buyers and how good or bad they feel about the product.

The final step is to make the product well known to the buyers, so that the product can capture the mind of the buyers and make itself known to the buyers. For the purpose of introducing the product, the product needs to be commercialized.

Problem Statement:

To plan a strategy for a new product is difficult as the success of the product and the customer’s behavior is not clear about the product.

As the product is new to the market and the customer’s behavior is uncertain about the product, it is too soon to predict the success of the product. However, the strategies made to tackle the problems faced by the product will be vague because the behavior cannot be predicted and there is a possibility that the strategy made by the management will misfire.Principle of Product Policy Case Solution

Alternatives:

 There are three possible alternatives in order to overcome the problems that create difficulties in product development.

Given below are the alternatives:

  1. 1.       Review strategies on daily basis and make decisions accordingly to ensure success and growth.
  2. 2.      Align the products success and its sustainability in the market with the business objectives of the company.
  3. 3.      Ensure that an effective model of plan is used to capture the market in a feasible manner; the plan should include strategic objectives of the organization and to align the employee’s goals with the objectives of the organization.
  4. Apply experience staff for the success of the plans and train the unskilled staff on ground.

Alternative no 1:

 The first alternative in order to avoid the problem that affects the product development policies is reviewing strategies on daily basis and making decisions accordingly to ensure success and growth. The decision making is difficult because of the uncertain situations of the market therefore, the manager have to make decisions and to review his strategy on a daily basis.

In making a decision the Bardach’s Eight Fold Path to Policy Analysis is a very unique idea to be used. It provides a basis for the managers to make a decision on a daily basis and to review it. It provides an eight steps plan to make a decision and to review it...........................

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