ECED 105 Lecture Notes - Lecture 5: Lean Manufacturing, Igor Ansoff, Pdca
13 May 2021
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In chapter 9 strategies around, new products are discussed by ansoff and stewart. The four strategies of r & d described in chapter 9 are first-to-market, follow-the- leader, me-too, and application engineering. I believe the best and most profitable strategy for a company depends on the company, the state of the market for a particular product, and the strength of their r & d or engineering department. The first-to-market approach would be the best and most profitable for a company with the capital to spend on r & d and marketing. This strategy would only be the best if the new product has high consumer demand. This strategy would not make as much profit if another company was able to quickly copy the design and flood the market with a cheaper copycat version of the new product. The original company would need to ensure that they were making a quality product at the lowest possible cost.
