Implementation of new or improved products in Financial Services Essay

Implementation of new or improved products in Financial Services Industry - Essay Example In those cases where there are existing products which need slight modifications in terms of the cost, benefit or service to the customers, the firms tried to introduce such changes to make them marketable. Both the introduction of the new products as well as changes to be made in the existing products are to be undertaken by the firms with remarkable speed, so that they reach the customers well ahead of the products from the competitors. But the firms are not left with an option to skip any of the steps that may be necessary to make the product marketable. Any such effort to skip certain essential steps to implement the new product or changed product may result in the failure and the resultant monetary loss to the organization concerned. Alternatively it is quite possible for the firms to make a thorough study of all the aspects of the implementation of a new product and decide on a methodical approach based on the sequence and timing of the different implementation processes to mak e the product launch successful. In this the organization has to consider two sets of implementation processes; one concerned with the steps the firm needs to take internally within the organization and the other which deals with the external processes. It may be observed that both sets of implementation processes do have different focal points and may have to be deployed at different points of time during the implementation of a new product. Hence a methodical approach to the implementation demands a concerted and coordinated action with respect to these processes from the firm for a successful implementation. This study paper deals with the internal and external implementation processes for a new product as well as for effecting changes in the existing products in the service industry. Financial service products companies operating in today’s competitive environment are increasingly challenged to keep pace with the changing customer preferences, to achieve new product