Market readiness

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Market (or product maturity ; English marketability ) of a product or a service is achieved when the offered product or service offered to the requirements of the relevant market corresponds and buyers on acceptance true. In the case of mass products , one speaks of series production when a prototype is ready for the market.

General

In the case of products / services that are already established on the market, the question of market maturity does not arise, but rather in the case of product or financial innovations . Products or services have in product development , a development stage reached in which product quality , product design , product technology and price are accepted in the market consistent with the object of purchase and a market entry can take place. The Product Safety Act (ProdSG) is ready for the market “if products are made available on the market, exhibited or used for the first time as part of a business activity” ( Section 1 (1) ProdSG). According to § 2 No. 27 ProdSG, products are only "ready for use when they can be used as intended without the need to insert additional parts". A product is ready for the market when the users at downstream stages of production or the end consumer can use or consume it without having to acquire knowledge of its manufacture. The market readiness is thus a status during product development in which products / services have been developed to the point that they can be marketed .

Phases until market maturity

In the pharmaceutical industry , the problem of market readiness becomes particularly clear, because the phases from the synthesis of the active ingredient to the market readiness of the product ( English time-to-market ) can take a period of up to 15 years. Has an active ingredient the research and development phase of its on the basics - survived so close toxicological profile and its pharmacokinetic behavior - pre-clinical studies for the preparation of which animal experiments follow. A subsequent test preparation is available for the clinical studies on test subjects , which must take place in 4 phases. A product is only ready for the market after these phases of clinical tests and drug approval by the drug authorities have been completed .

Product tests also take place outside the pharmaceutical industry, with independent testers being involved. In the case of financial innovations, there is a product risk if the banking product for the bank, the relevant banking market or the bank customer contains unexpected financial risks that do not result from market risks . The banking products are only ready for the market when this process (“new product process”) and a limited test phase have been successfully completed and the banking supervisory authority has not expressed any concerns.

After § 3 para. 2 ProdSG a product may be made available on the market when it under normal or foreseeable conditions of use, the safety and health does not endanger persons. In particular, these must be taken into account

  • the characteristics of the product, including its composition, its packaging , the instructions for its assembly, installation , maintenance and useful life;
  • the effects of the product on other products to the extent that it can be expected to be used in conjunction with other products;
  • the presentation of the product, its labeling, the warning notices , the instructions for use and operating instructions , the information on its disposal and all other product-related details or information;
  • the groups of users who are more at risk than others when using the product.

If certain rules are to be observed when using, supplementing or maintaining a product in order to ensure the protection of safety and health, instructions for use in German must be included when the product is made available on the market (Section 3 (4) ProdSG).

Launch

Product characteristics such as functional reliability and usable condition (for consumer goods ) and harmlessness to health (for medicines , food and beverages ) are part of the market readiness . The decisive criterion for the maturity of the product is the reference ability. This means the successful use of a new product by several independent testers. The subsequent market launch is usually preceded by an advertising campaign (except for prescription drugs) designed to arouse consumer interest. Product recalls are an indicator of defective products that have obviously not yet reached market maturity. The market maturity of a product can bring pioneering profits to the market-introducing company .

Individual evidence

  1. ^ Bertram Wiest, System transformation as an evolutionary process , in: Writings on questions of order in the economy, Volume 63, 2000, p. 135
  2. Ludwig G. Poth, Gabler Marketing Concepts from A - Z , 1999, p. 261
  3. ^ Matthias Fischbach, Forecasting the in Vivo Performance of Modified Release (MR) Dosage Forms Using Biorelevant Dissolution Tests , 2005, p. 223
  4. Marcus R. Schneider, Marketing Engineering , 2003, p. 29