Updated: May 18
Do we utilise all features? Is the environment conducive?
Estates &Trusts market products:
The estates and trusts market currently has many products on offer. Supply-demand factors do influence these product offerings. A large number of organisations are offering products in this market. The process of meeting product demand through supply is encouraged as it balances the supply-demand factors, resulting in undistorted economic factors. The problem arises when the product offering is no longer meeting all of the supply and demand factors leading to:
a). Unstable market factors;
b). Inefficiencies and, underutilisation of all product features;
c). Hard or near impossible to customisation;
d). Limitations due to regulations or jurisdictional requirements; and
e). Product breaches and penalties.
Product feature utilisation and the effect of lack of understanding, utilisation, and inefficiencies on a product:
Every product has features and key features. Full utilisation and understanding of the product features are important to ensure the efficiency of a product. Within the Estates market, the wills writers association currently has an article on "The unsuccessful probate saga." The article highlights:
a). Inefficiencies in trying to implement an order;
b). The key factors and influences that affect the decision-makers;
c). Effect of incompetence on the product itself and the negative domino effect on other unrelated products and services;
d). Limitations of product provision due to prioritisation, regulatory, jurisdictional, and foreseeable futuristic breaches due to underutilisation or inefficient launch of the product.
This type of scenario highlights all the negative effects of an unsuccessful product launch. This does not only affect the owner of the product, but it also affects the end-user and the market as a whole.
Effect of the environment on the product launch:
The wrong environment can affect product viability and supplier input costs. It can also affect the cost-benefit factors and result in distortion of economic factors. The consumer and end-user can have a biased view of the product benefits affecting its future and viability. Imagine operating in an environment where you have to provide a product whose future might be uncertain. The result creates an unviable operational strategy and models and reduced projections of futuristic profits of an organisation.
Some organisations compensate for this by:
a). Reducing their operational costs with an effect on the quality of the end product;
b). Reducing or reassigning the project priorities;
c). Reducing the project delivery timescales and timelines;
d). Cutting corners with the effect of introducing technical, operational, functional or, custom issues or errors on the final product.
The question to ask is, do we necessarily need to put pressure on a product before launching it or during launch stages, or should we allow for it to launch to allow for it to survive? This question can only be answered by those responsible for product supply, value chain assessment, product life cycle, product assessment and product, supply chain management, and end-user assessment. Assuming all stages of a product lifecycle are done through consultation, how then do organisations end up having products that face a backlash. If all the stages of a product are appropriately implemented how then do organisations end up having products that face a backlash?. Should not product outcomes be achieved with continuous consultation from both parties to ensure that the end product is consistent, aligned, and customised to the end-user?.
The question to ask is, how is it possible to launch a product that faces a backlash if it goes through scrutiny at every level before starting? Is it just the environment and the expectations gap that result in the backlash or unpopular launches.
The image above shows a photo of a handmade ornament, with a beauty product and beads on top. Looking at this image with a naked eye does not portray the description of the key features that make up the product. The photo can easily be mistaken for a piece of art. Is it the same issue with products. Do the individuals that ask for product provision have expectations that are higher than the available service? How does the product supplier ensure that they fully understand and address the expectations gap and provide a service that is per the end user's requirements?. This should be responded to by the product suppliers, risk assessment, supplier strategy analysers, and product providers. How is the effect of products that face backlash affecting the market as a whole? This question can only be answered by those who operate and are responsible for this market.
Jumleap Estates & Wills Planning Private Limited, confirms that nothing stated on this article constitutes advice on which you should rely. Our blog articles are provided for general information purposes only. Professional or specialist advice should always be sought before taking any action relating to any views, issues or matters discussed. Jumleap Estates & Wills Planning Private Limited will not be held responsible for any action taken as a result of this article.