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Syed Faraz Ali Founder Jamia Millia Creative Co.
Identifying new product candidates Gathering the voice of customers Defining product requirements Determine business-case and feasibility Scoping and defining new products at high level Evangelizing new products within the company Building product roadmaps, particularly Technology roadmaps Developing all products on schedule, working to a critical path Ensuring products are within optimal price margins and up to specifications
PRODUCT DEFINITION
A product is a set of tangible and intangible attributes which may include, packaging, color, price, and quality, brand, and seller reputation and seller services. The first commandant in marketing is the customer and the second is the product. In narrow sense product is the product is set of basic attributes assembled in an identified form.Each product is identified by a commonly understood descriptive name, such as steel, insurance,tennis rackets etc. There are many definitions of product by different authors: 1- A product is a set of tangible and intangible attributes, which may include packaging, color, price, quality, brand and sellers services and reputations. 2- Product is a service that provides the benefit of a comfortable night rest at a reasonable price. 3- Product is a place that provides sun and sand, relaxation, romance, cross cultural experiences and other benefits. Explanation:We treat each brand as separate product. Any change in a feature (design, color, size, packing) however minor, creates another product. Each such change provides the seller with an opportunity to use a new product. A product may be a good, service, place, person or idea.
The end products that we deliver to our clients undergo intensive testing and are always subjected to a beta release before the final release. We could assist you with development of your IT products on any one of the following technologies:
If you are a ISV and need to develop or maintain a product we would recommend that you consider the FTE delivery model; this can help you ensure that development is continuous and product development is a proactive process where before release of the final product resources are allocated to go any customer specific modifications that may be needed. Please write to us at solutions@jmcc.com to find out more information on how we can assist you in the development / enhancement / maintenance of your software products.
SOFTWARE DEVELOPMENT
AN AFFORDABLE AND RIGHT PLACE TO GET YOUR BESOPKE SOFTWARE DEVELOPED We at, JMCC have over the years specialized in making customized software solutions for your small, medium and large businesses. Our USP as a software developer is that we have customized yet creative solutions. We always make efforts to ensure that we help you with high quality and cost effective business solutions. We have a team of creative and committed people who will always provide you with customized software solutions par excellence. Our experience and creative staff will ensure that we provide you with solutions in software that are exactly as per your requirement. We all are aware that, in this competitive world manual process is not sufficient to keep up pace with the competition. If you can migrate to an IT enabled process which can be easily implemented yet easy to understand by all, we can assure you that your entire business process will become more rapid and cost effective. If you are concerned about the initial cost of developing a customized software solution, we would like to tell you that the development will very quickly start benefiting the organization in terms of time, resource and ultimately cost efficiency. Basically, our customised software solutions will help you attain your business objectives and goals much faster than your current process. We are specialized in offering most advanced complete and end to end yet cost effective software development solutions as per customers need. Basically we can make software solutions as per your requirement from scratch fully customised and exactly make as per your need. Basically you have to understand what kind of software will be correct for you and will yield you results. Before developing that right kind of software for your company, we start a deep analysis of your business and its operation. We try and understand your products and services and also understand your business policy so that the solutions that we design are tailor made as per your requirement. When you decide to work with us in developing a tailor made software solution for your company, we make it a point to develop customised software solutions which will exceed your expectations. We design a conceptual protocol as per your requirement and as it gets approval from your end we develop the application which is your custom made software solution. From start to end you will always have an idea of how the
software solution will work. The final project is implemented only after complete testing and tuning of the project. We have always made a point to deliver the solutions within the committed time frame and that too without compromising on the quality factor. We have creative and expert staff who will work to deliver on time and quality customised software solutions for you. JMCC specializes in judicious blend of management with business analysis with the use of latest technology just to develop a state of art yet custom software. We at JMCC have IT solutions to enable reduction in the time and resources that you spend for an entire business process and we are looking at eliminating loopholes and making tasks easier for you by making tailor made software solutions for your businesses. EXPECT SOFTWARE SUPPORT FOR ALL OUR SOFTWARES THROUGHT ITS LIFE CYCLE. As your business changes, you will need you change and modify it as per your requirement. Our services will be to help you fix any issues in the software to making little modifications in the software so as to make it more compatible, helping you to take the most benefit out of it in the long run. We have solutions which will help you maximize your returns on your IT investments; talk to us about bespoke applications which can be developed as per your requirements or an application which can integrate with your existing enterprise software.
Business software Computer-aided design Databases Decision-making software Educational software Image editing Industrial automation Mathematical software Medical software Molecular modeling software Quantum chemistry and solid state physics software Simulation software Spreadsheets
Telecommunications (i.e., the Internet and everything that flows on it) Video editing software Video games Word processing
Depth:The depth of the product mix refers to how many varieties are offered of each product in the line. For example: Jmcc markets video games such as Battlefield series,Fifa series,Chessmaster, The Run,etc. Length:The length of the product mix refers to the total number of items in its product mix. For example: JMCC typically carries many brands within each line. It sells eight video games, six Video editing softwares , six education software, & four antivirus software and many more Consistency: The consistency of the product mix refers to how closely relate the various product lines are in end-use, production requirements, distribution channels or in some other way. For example: JMCC product lines are consistent insofar as they are consumer products that go through the same distribution channels. The lines are less consistent insofar they provide different functions for buyers These four dimensions of the product mix provide the handles for defining the companys product strategy. The company can adopt product lines, thus widening its product mix.
PRODUCT LINE
A product line includes a group closely related products that are considered a unit because of marketing, technical or end-use consideration
A software product line is a set of software-reliant systems that share a common, managed set of features satisfying a particular market or mission area, and are built from a common set of core assets in a prescribed way. Producing a set of related products as a product line has allowed organizations to achieve increased quality and significant reductions in cost and time to 9
market. But adopting a product line approach to software is both a technical and a business decision that involves many challenges.
What are the costs and benefits of a product line approach for your organization? How do you manage the production and use of core assets across the product line? How do you get a handle on the software engineering, technical management, and organizational management issues associated with software product line engineering? How do you structure your organization to coordinate the production of core assets and products? What are your organization's particular strengths and challenges with respect to a product line approach? How do software product lines relate to other current technology and business trendsA
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Definition: A broad group of products intended for essentially similar uses and possessing reasonably similar physical characteristics, constitutes a product line. Or
A product line is defined as A product line is a group of products that are closely related, either because (1) They function in a similar manner. (2). Sold to the same customer groups (3). Marketed through the same type of outlets, (4). Fall with in a given price ranges. Software is an example of product line. But in a different context, say in a small specialty shop, business software (small scale, medium scale and corporate) and antivirus software (pc antivirus and mobile antivirus) would each constitute a line.
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Product Diversification
Diversification is a form of corporate strategy for a company. It seeks to increase profitability through greater sales volume obtained from new products and new markets. Diversification can occur either at the business unit level or at the corporate level. At the business unit level, it is most likely to expand into a new segment of an industry that the business is already in. At the corporate level, it is generally very interesting entering a promising business outside of the scope of the existing business unit. Diversification is part of the four main growth strategies defined by the Product/Market Ansoff matrix[1]:
Ansoff pointed out that a diversification strategy stands apart from the other three strategies. The first three strategies are usually pursued with the same technical, financial, and merchandising resources used for the original product line, whereas diversification usually requires a company to acquire new skills, new techniques and new facilities. Note: The notion of diversification depends on the subjective interpretation of new market and new product, which should reflect the perceptions of customers rather than managers. Indeed, products tend to create or stimulate new markets; new markets promote product innovation.
The different types of diversification strategies The strategies of diversification can include internal development of new products or markets, acquisition of a firm, alliance with a complementary company, licensing of new technologies, and distributing or importing a products line manufactured by another firm. Generally, the final strategy involves a combination of these options. This combination
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is determined in function of available opportunities and consistency with the objectives and the resources of the company. There are three types of diversification: concentric, horizontal, and conglomerate. Concentric diversification This means that there is a technological similarity between the industries, which means that the firm is able to leverage its technical know-how to gain some advantage. For example, a company that manufactures industrial adhesives might decide to diversify into adhesives to be sold via retailers. The technology would be the same but the marketing effort would need to change. It also seems to increase its market share to launch a new product that helps the particular company to earn profit. For instance, the addition of tomato ketchup and sauce to the existing "Maggi" brand processed items of Food Specialities Ltd. is an example of technological-related concentric diversification. The company could seek new products that have technological or marketing synergies with existing product lines appealing to a new group of customers.This also helps the company to tap that part of the market which remains untapped, and which presents an opportunity to earn profits. Horizontal diversification The company adds new products or services that are often technologically or commercially unrelated to current products but that may appeal to current customers. In a competitive environment, this form of diversification is desirable if the present customers are loyal to the current products and if the new products have a good quality and are well promoted and priced. Moreover, the new products are marketed to the same economic environment as the existing products, which may lead to rigidity and instability. In other words, this strategy tends to increase the firm's dependence on certain market segments. For example, a company that was making notebooks earlier may also enter the pen market with its new product. ]Conglomerate diversification (or lateral diversification) The company markets new products or services that have no technological or commercial synergies with current products but that may appeal to new groups of customers. The conglomerate diversification has very little relationship with the firm's current business. Therefore, the main reasons of adopting such a strategy are first to improve the profitability and the flexibility of the company, and second to get a better reception in capital markets as the company gets bigger. Even if this strategy is very risky, it could also, if successful, provide increased growth and profitability.
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Software demand is normal to the degree that consumers have the freedom to choose software components. The problem is that for all of the rhetoric about software becoming a "commodity", most software is still very much not a commodity: one software product is rarely completely interchangeable with another. The lack of interchangeability isn't as much of an issue for a project that is still being specified (one can design around the specific intricacies of a specific piece of software), but it's very much an issue after a project has deployed: deployed systems are rife with implicit dependencies among the different software components. These dependencies -- and thus the cost to replace a given software component -- tend to increase
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over time. That is, your demand becomes more and more price inelastic as time goes on, until you reach a point of complete price inelasticity. Perhaps this is the point when you have so much layered on top of the decision, that a change is economically impossible. Or perhaps it's the point when the technical talent that would retool your infrastructure around a different product has gone on to do something else -- or perhaps they're no longer with the company. Whatever the reason, it's the point after which the software has become so baked into your infrastructure, the decision cannot be revisited. So instead of looking the nice supply and demand curves above, software supply and demand curves tend to look like this:
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characteristics do the right customers have? And who are the specific purchasers and stakeholders within your customer? Take the time to put togetherdetailed target customer profiles for each of your software products or services. Sales time is valuable. Make sure you have a software sales strategy to reach these specific target customers. Do they have particular conferences they go to? Do they read particular publications or visit certain sites? If you have a lead outside of this target, you should think long and hard about whether you want to spend your time chasing it. Focus your sales efforts on the right customers. 4. Build Strong Customer Relationships. Know who within your target customers you need to build relationships with, and have a software sales process that supports that. These should be the individual purchasers, stakeholders and influencers of your product or service purchase. Depending on the typical fee for your software or service, they might be at the CXO level or not, but make sure you are developing relationships high enough up in your customer organization to be able to influence the purchase decision. You may have great relationships at the IT manager or business unit manager level, and those may get you some good insight and information. But dont kid yourself that that is enough to influence the sale unless you really do have a low-cost product with a oneoff purchase decision. Your relationship-building efforts must include reaching out regularly to stakeholders at both existing clients and new leads. Getting face-to-face can be time consuming and expensive. However, excellent web conferencing tools exist that make it possible to hold effective sales meetings and presentations online. In addition, make sure you understand the impact the internet is having on B2B sales and the customer purchase cycle. More and more, B2B buyers are relying on the internet for their product research and evaluation, which means that when you get that first sales call they have already gathered quite a bit of product data and done a preliminary vendor short-list. The worst thing you can do in that case is to start with a "generic" sales pitch. A final critical part to developing strong customer relationships is established a strong channel network. This could include working with a software reseller, distributor, or complementary software vendors and service providers. 5. Reinforce your Value Proposition with ROI and Client Examples. So you've got a strong product and value proposition, identified the right customers and built relationships with them. Isn't that enough to get them to buy your software or service? No! Now you need to convince that customer that you really can deliver on your value proposition for them. That means communicating astrong and convincing ROI, taking into account both hard ($) and soft benefits.
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Many software vendors do not take the time to think through and quantify all the possible areas of ROI, but in fact a strong ROI methodology is critical to your software sales success. Unless, of course, you have such a stunning value proposition that customers are willing to pay for it regardless. And make sure you have customer examples or case studies that reinforce your value proposition and ROI message also. 6. Ensure your Sales Channel or Organization and your Sales Compensation Drives the Right Behavior. Both your sales organizational structure or channel program and individual ownership/reward must be structured in a way that supports engagement with the right target customers in the best way to sell effectively. Sales process is absolutely necessary, but make sure it does not get in the way of your sales people doing their job, and make sure the comp plans are rewarding the right behavior. Your sales channel or organizational structure should be as effective as possible in reaching your target customers. Consider using a software reseller, making software resell rights available, or building an affiliate program. For more detail on commission planning, check out these tips for putting together an effective software commission plan that drives the right behaviors from the entire sales team. Most of these software sales points may seem obvious but without explicitly prioritizing these six areas it is easy to get defocused and not recognize the wasted effort that results.
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CONCLUSION
The advent of new and better technology is dominating the business market, these days .Seeing the current phase technology ,anyone can easily measure the extent of phenomenal increase in the growth and importance of information technology. It is easy to guess how information technology is dominating both the internal and external channel of business entity. The right blueprint of software helps in getting the right platform for installingthe created software within company practices. No wonder , software developing markets are in great demand. India is one of the foremost markets where quality speaks the useability of software solution. Being a booming market destination for software solutions, India has gained a significant position in the off shore software development market. In addition, the market software solution is increasing with every passing day in India. Jamia Millia Creative Co. (JMCC) has achieved newer heights by offering software development consulting to client companies. We studies and analyze the present situation of a client company and on the basis of drawn conclusions suggests measures and develop software solution that can give miraculous results within shortest possible time. Here, in JMCC, our job is not limited to just suggesting best possible measures to develop a platform that leads to cost effectiveness, rather also includes careful analysis of post installation strategies measures so that usability of software can be retained in the long run
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