Where’s The Heat?


 Is that your goal? To find the next hot thing? Do you want to buy it, sell it, use it, eat it?

In every industry where there's fashion (which is every industry), people spend an enormous amount of time looking for heat. It defines the cutting edge, determines what's in or out, what's hot or not.

The concept of a new product is important for managers. Both newly established as well as existing companies face the problem of developing a new product. Buyers do want some elements of newness in a product. Newness may be in terms of production, marketing, place, service, use, or price.

The new product is one that offers new benefits or features. It differs significantly from the products currently available in the market in terms of uses, appearance, performance, taste, price, and construction. A new product is one, which is perceived as new by consumers.

It may be an original product, improved product, modified product, or new brand. Various issues are related to a new product, such as how to develop a new product, how to launch it, how to manage it, why it fails, what precautions should be taken to reduce its failure rate, and many other such aspects.

Two things worth considering:

a. the hot thing isn't always the thing that's aligned with your goals. Sure, sometimes the most profitable item is also the hot item of the moment, but for many companies, market share or profitability, or utility has not a lot to do with being on the cutting edge of fashion. And as a user, the hot item of the moment isn't necessarily the thing that will create value or even identify you as truly hip.

b. The cycle of hot keeps getting shorter.

You can chase this, but it's not free, and it might not get you where you want to go.

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