The Need for Product Innovation

Developing new products and launching them in the marketplace can be a difficult, costly and even dangerous business. So why do it? Why not leave well alone and be content with profit from existing products, concentrating effort on expanding sales of these products and finding new markets for them?

One reason is that seizing new opportunities as they emerge is a way to increase profits. (To be first in the field with a successful new product gives one the chance of creaming off large profits before effective competition develops.) But the main reason is that it is dangerous to assume that profits from existing products will continue at present levels for ever. The product life-cycle concept tells us that they will certainly not continue for ever. At different rates, over varying time-scales, all products eventually achieve market saturation and then start to decline. Even while sales volume holds up, profits may well not; and retaining sales volume and profits may call for regular updating of existing products.

For most companies, therefore, a programme of product review and development is essential; and, for all companies, to ignore this area of activity is highly dangerous. A McGraw-Hill study in the United States showed that in 1963 the percentage of sales accounted for by products introduced since 1959 was 28 per cent for transportation, 18 per cent for electrical machinery, and so on, through a whole list of categories. In the consumer goods fields successful new products introduced more recently -include a wide range of increasingly sophisticated computer games, the ‘superglues’ and a whole host of pre-prepared meals for cooking by microwave.

In consumer durables we have seen the successful introduction of video cameras and answering machines, with mobile telephones and fax machines for home use not far behind. Innovative services (intangible products) include direct purchase of insurance by telephone and ‘home banking’.

The most ‘safe’ and inexpensive way to launch a ‘new’ product is modifying an existing product.

New Products from Old

We first need to be clear what is a new product. There are basically three clear kinds of new products:

1. Innovative products which are unique products for which there is a real need, not being met satisfactorily by an existing product. Penicillin when first introduced fell into this category, as did the telephone, the internal combustion engine, and chloroform. We can also describe as innovative those products which, while replacing existing goods that have been satisfying existing markets quite well, offer totally different solutions. Examples would be television partially replacing the cinema and the radio, the zip fastener and later Velcro instead of strings or buttons, and solar power for other energy sources;

2. Adaptive products which offer significantly different variations on existing products: they include such items as instant coffee, freeze-dried foods, self-adhesive wallpaper, and typewriters with a memory. Another kind of variation is represented by package changes, styling modifications, new designs and colours.

3. Imitative products are already being sold by someone else but further sales opportunities exist for an additional brand, with or without minor modifications. The divisions between these categories are obviously very fuzzy. Indeed, some authors have distinguished as many as a dozen different ways in which a product can be ‘new’.

The truly innovative product is rare. Adaptive new products can sometimes necessitate a great deal of new technology and extensive research and development, though a ‘new’ product can often be produced by changes to an existing one. These may range from relatively minor changes, which effectively extend the life-cycle of a product, to much more extensive improvements.

An example quoted by Peter Drucker that covers both is nylon, which was introduced in the U.S.A. by Du Pont and fairly rapidly became the dominant fiber in women’s hosiery. However, once this market was saturated, the growth curve flattened. Du Pont had anticipated this and had developed strategies for providing further increases in sales of nylon stockings by such tactics as the following:

1. Introducing a wider range of colors, leading to an increase in the number of stockings bought by each user and a tendency to wear different colors with different outer garments.

2. Developing new uses, such as stretch stockings and socks. In addition, they moved into other fields such as tyre cord and carpets. In this way nylon sales showed an overlapping series of life-cycle curves, giving a continuing upward trend.

The nylon success story depended both upon changing the product for existing users and making it suitable for whole new markets. Changing products for existing markets can be done in a number of ways, in particular by improvements in quality, features, and/or style.

8 Product Launching Secrets That Work

So, you have successfully made a product that you know will be a big hit in the market. The next step is to launch it. Your product launching must be carefully planned as the success of the product largely depends on it. Here are some useful tips to make sure your product launching is profitable:

1. Build a reliable team. Product launching can be very tedious and time-consuming. You don’t need to do all the work, remember x number of heads is better than one. You and your team can brainstorm and come up with best strategies you can employ to make the product launch successful.

2. Send e-mail to your prospective customers talking about the “much-anticipated” launching of your newest product.

3. Publish raving testimonials and feedback from industry experts about your product to arouse the curiosity of your prospective clients.

4. Make noise and make some more. In product launching there is no such thing as too much noise. Advertise on TV, radio, print ads, and even on the Internet.

5. Hire someone popular to endorse your products. This can be an expensive approach but it sure does work!

6. Update your web site and make sure it is in its best shape to accommodate more visitors before, during, and after the product launching.

7. Sponsor popular sites on the Internet and put banner ads.

8. Expect the unexpected. Anything can happen during the product launch and you have to be ready for anything. Create a back up plan to make sure that everything will go smoothly.

Industrial Butterfly Valves

What are industrial Butterfly Valves?

They are lid-type valves used for applications with a high flow demand, such as steam turbines and centrifugal pumps. They can be installed inline or over the top of the valve body to restrict flow and control the rate at which fluid flows through. Industrial butterfly valves may also be used to connect multiple lines of piping in a process plant, and they help prevent cross-contamination between the different outlets.

Like most open-centre valves, butterfly valves can be classified into four basic types: ball, globe, cup, and disc. The main difference between these four types is the shape of their bodies.

What is a Wafer Type Butterfly Valve?

Industrial butterfly valves are used for applications where high-flow rates and low-pressure or vacuum requirements must be met. They are typically used in process control applications, such as oil refining, chemical. These types of valves can be manually or remotely operated. When used manually, they can be opened or closed by hand. When remotely operated, the operator may pull a lever to open the valve and release it, so it closes. When using a remote control, the valve is usually equipped with an alert system that notifies the operator when it is time to release the valve.

These valves have advantages over traditional ball and diaphragm valves because they are more compact and less expensive to produce. Also, they don’t create as much noise or require maintenance as other valves.

What are the major industries that use industrial Wafer Type Butterfly Valves?

Wafer Type Butterfly Valve are used in various industries, including oil and gas, food, pharmaceuticals, and chemicals. These valves help to control flow by opening and closing, allowing the user to adjust their needs as needed. These valves are commonly found on oil rigs, pipelines, and wells. They are also used in the food industry for controlling water pressure for injection/extraction systems. In addition to these applications, Wafer Type Butterfly Valves can be found in storage tanks to prevent leakage and prevent equipment from controlling temperature in an industrial process.

They are also used in chemical plants to control pressure or flow rates. The material flows through the butterfly valve surface into the chamber and is pushed through the other side of the valve by a piston that rises when the fluid pressure inside the chamber compresses it. Some butterfly valves are designed with a seal where fluid is trapped between two plates to be used underwater or under high-pressure conditions.

What is the significance of Wafer Type Butterfly Valves in manufacturing today?

Wafer-type butterfly valves are used in a wide variety of applications. They can be found in various manufacturing industries, including food and beverage, chemical, pharmaceutical, and medical equipment. These valves are often used to control the flow of liquids and gases through pipelines. Because wafer-type butterfly valves are small and lightweight, they can easily fit into tight spaces. Furthermore, these valves are easy to maintain and operate. They can also be customized to meet different needs. As such, wafer-type butterfly valves are a cost-effective option for manufacturing companies.