How Product Based Companies Works
From Wiki Problem
Product based companies are those which create product in advance customer approaches to them. They have their own product and they approach clients to sell those products.
Research and Development
- Product based companies invest more on research and development.
- These companies research before creating any new product.
Innovation
- While creating new product they innovate something different than existing product in that domain.
- Innovation can come in design, development, raw material or anything which can make product unique.
Product Development
- After researching and innovation they create one sample product and test it internally for accuracy.
- If tests are successful then they go for building more products and will be available for public trials.
Product Marketing
- Prepared product then ready to sell and marketing team reach out to clients with all the details about product and demonstrate them.
- If clients like the product they order that product and pays for that.
Products Feedback and Improvements
- Products can be improve in some of it's parts as per the feedback of clients.
- Some companies are there who manufacture products as per the clients requirements.
