Regardless of the reason behind the product modifications, there are various factors that can impact the success of the product modifications such as:
The timing for the modifications to be introduced has to be right in order to achieve the objectives and gain maximum profits, such that if the product modifications are introduced when the product is already satisfying the needs of the customers, it wonâ€™t be as effective. However, if the product modifications are introduced at the time when the customersâ€™ needs are changing, it will be the most effective.
Product modifications can sometimes prove costly and in order to retrieve the investment made by the company, the company may increase the price of the product. This increase in the product can make the product too costly for the customer and instead of getting attracted towards the modified product, they might start going for alternatives. Hence, the cost for the modifications has to be considered as it can affect the price of the product and eventually the sale of the product.
Product modifications require new manufacturing processes, new marketing strategies and new approvals. The company needs to ensure that it has enough resources to make the modifications and also withdraw the modifications in case they are not effective.
Product modifications throughout the product life cycle
The stages that a product goes through once it has been introduced in the market can help us decide when is the right stage to carry out product modifications. The cycle of these stages is known as the product life cycle. The stages in product life cycle are:
Introduction of the product
When a product enters the market, it is marked as the beginning of the product life cycle. As the product is new in the market it may face a lot of competition and hurdles in satisfying the needs of the customer. In order to deal with these problems, some product modifications can be carried out in the company, while keeping in mind that too many modifications can change the identity of the product that the company has already introduced in the market.
Growth of the product
This is the stage where the customers start buying the product, the profits are good, and the sales are high. As the customer is getting accustomed to the product, product modifications are not necessary.
Maturity of the product
In this stage the sales seem to be stable but not increasing. The product has been on the market for a long time now. Therefore, this is the best stage to introduce product modifications as the customers would get attracted to the product variations and a new product life cycle will start. The product modifications can attract new as well as old customers. The company has already built up a brand name and won the trust of the customers so it will be easy to sell the product in the market.
Decline of the product
This is the final stage of the product and it is a do-or-die situation, as in, the sales start declining. Product modifications can be introduced at this stage keeping in mind that if the customers do not accept the modifications, the company will face a bigger loss than before.
Types of Product Modifications
Product modifications require a lot of planning and time to be implemented. The process has to be well-thought out, considering all the factors. There are mainly 3 types of product modifications:
These modifications are carried out on the physical features of the product such as color, design, sound etc. These modifications are carried out in order to make the product distinct and appealing to the customers.
These modifications are carried out as per the customer purchasing power and the customer needs. If a product of high quality is out of the purchasing power of the customer, then the company may reduce the quality of the product in order to lower the cost. If the customer demands for better quality, the company may increase the quality of raw materials used to manufacture the product.
When the product is redesigned or any changes are made in the effectiveness, convenience, or safety of the product, such a modification is the modification of product functions. Providing additional features along with the basic purpose of the product, for example, waterproof watches or smart watches with calling feature.
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