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Decoding on Product Excellence

Preface

Classically the key drivers of any ‘Great Products’ are intrigue and sense of confidence business enterprise creates in any given product/ category among a company’s customers, employees, stakeholders and investors and eventually in its financial success. Indeed the ever need to create not just one, but a series of successful products/ services has fundamentally gone up historically: customers are today spoilt for options than ever, as it is fiercely competitive up there, failing loyalties and demanding customer, and escalating unprecedented investments & stakes have made the market place more & more complex going forward.
 
Needless to say ‘Great Products’ need the best of marketing & sales also persistent product development, Besides overall intensive collaboration within and outside the environment is most timely today than ever before: on the one hand, discerning customer the value it tends to see in products, through the appropriate analysis of the customer insights matrix, to derive & acquire the product strategy and positioning; on the other hand, the product discovery ideas with an integrated design engineering-to-cost conservation and modular approach & thought process.
 
Great products are fundamentally the fallout of cross-functional thinking and “building bridges/ hiatus” between technology and customer orientation, embracing a wholesome conception of end-to-end customer experiences/ perception thinking about contextualizing systems, and usage scenarios, implementing a superlative engineering based on granular customer insight and systematic techno-commercial excellence, optically balancing the use of simplicity and complexity for strategic differentiation on the portfolio and product level at large.
 

Nuances on Product excellence

Real product excellence generally drives company success.
 
Product Excellence driven out of round the clock consumer key insights
 
An optimum price v/s performance matrix evaluation where Design to value is going to be paramount.
 

What the entire journey entails

Product portfolio/ modular strategy & real life tough core product portfolio choices to be made in different situations.
 
Complexity optimization in the ever dynamic global market place is going to be vital.
 
Making platform and module strategies work in lower volume industries
 
Customer-driven design: from the periphery to the core of the product development process. World-class product design: ideas and well-structured best business practices
 
Comprehensive & integrated product planning, management & monitoring to keep the dots connected
 
Accelerating time to market in the real time
 
Mastery/ optimization of processes and resources in terms of product positioning and concept development through continued value addition.
 
Maintaining a relentless vigilance on the state of competition to stay competitive in the given space
 
Endeavor to consistently create a differentiated product and value proposition.
 
In the classical terms “A lot will also depend on the commerciality, technicality and core DNA/ management philosophy” going forward.
 
PRODUCT EXCELLENCE

Today we all live in the globalised village - "Pinakin Chaubal"

In the recent past, you have wished and been wished a happy new year. When was the last time someone wished you happy new product? In case you have to stretch your memory about your last new product launch, chances are your products are dated! Let’s take a sock manufacturer as an example. Say, they have been happy with their business as the local market they have been supplying to has been kind to them. Business is steady and profits are healthy. They are unlikely to innovate, presumably somewhat oblivious that they are indeed part of the booming worldwide socks market. As retailers and e-tailers look for fresh new products to woo their customers, this sock manufacturer is likely to take a back seat. On the global scene, the socks market is one of the fastest growing segments of the apparel industry with a compound annual growth rate of 8.5% at present. By 2023, the global socks market is estimated to be worth around the $11.6 billion mark. Specialty socks, athletic s... Read more

Pinakin Chaubal, APN Consultivate Pty. Ltd., Melbourne, Australia

Pinakin Chaubal, APN Consultivate Pty. Ltd., Melbourne, Australia

Pinakin Chaubal holds Master’s degrees in Management and Textile Engineering. He has been a long time assessor for NATA ISO 17025 laboratory accreditation and has contributed to the review and drafting of several Australian, Joint Australian / New Zealand and International Standards on textiles, clothing and footwear. Global brands like H&M, Zara and most others are getting settled in India at an unprecedented rate. In fact, it’s more a case of who hasn’t entered the zoo, rather than who has. Global selling platforms like amazon.com have been successfully wooing Indian suppliers. Historically price sensitive apparel products like inner ware are moving to brand sensitive categories in the minds of local consumers. Now where does all this leave your product? At the centre stage! In this competitive market, if your product does not take the centre-stage, it will lag, struggle for a while and may eventually suffer from severe competitive arrest. Brand ma... Read more

 
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