CATALYZING PRODUCT DEVELOPMENT
IN MFIS: RESEARCH FINDINGS
This research suggests that organizations require new ideas and mechanisms
to achieve their goals of reaching out to more and more customers. They re-
quire responding to changing demands of the target market and the pressure
exerted by competitors in order to remain in the market. These changes are
manifested in decisions related to all the functions including the develop-
ment of new products.
Reasons for New Product Development
The selected MFIs in this research cited various reasons for new product
development. While CFTS proposed to design a new product because of the
demand from mature customers on the basis of feedback from the staff and
aimed at repositioning of the company, Sonata developed its own under-
standing on customers needing higher amount of loans and thereby earning
revenues for further growth. For MIMO, it was the mandate as well as essen-
tial services required like savings linked insurance, whereas Drishtee wanted
to create a niche of its own.
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