it5157a

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School

Southern New Hampshire University *

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Course

515

Subject

Management

Date

Apr 3, 2024

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txt

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Uploaded by MinisterFogWolverine36

The holographic suite with aerohaptic feedback will be a new product that many shoppers have never experienced before. The three metrics that I believe to be useful in measuring the product development process are customer satisfaction, market share, and profitability (Griffin, 1993). If the holographic suite with aerohaptic feedback cannot meet these metrics the product’s usefulness to the creators is irrelevant. The first metric, customer satisfaction, is measuring if the customer liked or disliked the product. This can be generated by an exit poll. When first-time customers try the product upon leaving the suite, they can provide feedback on how their experience was. This will help the creators understand the product development process and if it should be slightly changed in the next generation release. Without this data the creators would be unaware of the public opinion and whether they need to change or even wanted to continue to use their product. The next metric, market share, can be defined as how many people or companies use the holographic suite with aerohaptic feedback versus other holographic suites. This will be used in the product development process to help the creators gain an understanding of how their product is doing compared to competitors. Without this understanding the creators will be blinding creating and selling their product, not knowing if another product is taking its market share and will soon become the dominant design in the market. The last metric, profitability, is how much money the product is making the investors. This must be understood since we operate in a capitalist society. It will be used to ensure the longevity of the product. If a product or business, outside of non-profits, does not generate a profit they do not survive. In summary, “the best measures of product success in the marketplace would be a combination of market share, profitability, and customer satisfaction data” (Griffin, 1993). Reference Griffin, A. (1993). Metrics for Measuring Product Development Cycle Time. Journal of Product Innovation Management. 10. 112-125. 10.1016/0737-6782(93)90003-9.

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