Factors influencing new product development in microfinance institutions: a perspective from north Indian microfinance institutions
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resources Initial funding was there, but still new funding was required (gradual increase in no. of customers) position quite well and prepared its business plan accordingly. The company is all set to take off with its new loan product. different quarters. They have also got equity investors in place. Even the banks institutions are lending them regularly. The company has been able to mobilize funds for its operations and credit
linkages from both public sector and private sector banks. In addition, it has received venture investments for its operations. © De Boeck Supérieur | Téléchargé le 25/04/2022 sur www.cairn.info (IP: 178.237.70.187)
Factors influencing new product development… n° 11 – Journal of Innovation Economics – 2013/1 101 role in developing the new financial products. This can also be understood given the fact that there is very less market competition and huge demand of loan products among the rural customers. According to this research study, the points critical for developing new products are listed hereunder: The experience and interest of promoters and chief functionary • drive the organization’s product development strategy. Sometimes, the products are developed to suit the need of the or- • ganization. However, later on modifications can be carried out con- sidering the customers’ demands and preferences. Product should be developed keeping in view the organizational • strengths and capacity. Obviously, the market conditions play an important role, which can make the MFIs follow a “push strategy” rather than “pull strategy” in the marketing of their financial products. The present research also supports the hypotheses that MFI own institutional strengths and weaknesses rather than market opportunities, play more important role in designing the microfi- nance products. It further points out that at present, given the huge mar- ket potential and low competition, whatever loan products are developed, would be successful among the customers. However, in India, the process of product development based on customer requirement has started, albeit at a low scale and in a fragmented manner. Hopefully, Indian MFIs would learn from the market over time when customers would start discriminating the different attributes of loan products offered by MFIs. Yüklə 0,86 Mb. Dostları ilə paylaş:
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