News of UNAIR Postgraduate School, 6 Jul 2021 – Postgraduate School of Universitas Airlangga (UNAIR) through its human resource development agency, namely the Executive Learning Hub (ELH) held training for PT Pembangkitan Jawa Bali (PJB), a subsidiary of PT PLN. This session comes with the topic, Product Development. Present as the main speaker was Amak Muhamad Yaqoub from the Faculty of Economics & Business (FEB) UNAIR. This session will be on Tuesday, July 6, 2021.
Amak argued that product development is a process where a company sees an opportunity to introduce a new variant of an existing product or a completely new product by considering the market situation. Research on market demand trends becomes the main weapon to determine what products the company needs to develop. He also pointed out the main factors causing new products to fail in the market due to the wrong business model.
In addition to the business model, the main factors that cause market failure are the wrong timing and position of product placement, products that are not following the company’s main vision, poor marketing, lack of attractiveness to consumers, products that do not develop following the times, and the presence of more competitive competitors excel in creating the same product. Amak also mentioned that new products or product variants that are successful in the market always have three things, namely providing new value for consumers, making people’s lives better, and having sustainability in the company. Therefore, companies need to design a mindset in product development. Meanwhile, in the current digital era, companies need to implement product development based on lean startup theory. This theory applies to the idea that the winning company is the one that can learn faster to adapt to the existing situation.
Companies need to implement a product development cycle starting from the emergence of a business idea, then built as a kind of company code, then measuring the level of success and failure based on market sentiment and company resources, then the company learns everything related to the market situation and sales targets based on accurate data before the product is launched to the public.
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