Product Development and the Marketplace: How They Go Hand in Hand

Product development can be affected, in both negative and positive ways, by the marketplace. A study on this topic was conducted by Professor Shibin Sheng, Kevin Zheng Zhou and Leopold Lessassy. It is important to take a look at all the conditions of the marketplace in order to determine how product development will be affected. Government institutions also play a role on product development and performance.

An example of the market dictating the product is the rise of Square. Square is a more accessible alternative to payment processing, and it’s quickly becoming one of the most widely adopted technologies for business to consumer transactions.

As you can see in the infographic below, Square’s rise is very indicative of the trend in products satisfying consumer demands.

 

An infographic about how Square revolutionized payment processiong by UAB School of Business.
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