New Product Development in Financial Industries
Media Tangibility and Media Durability of Financial Products
2013 Volume 12 Issue 2 Pages 63-70
Details
2013 Volume 12 Issue 2 Pages 63-70
It is not suitable to apply characteristics used in service industries such as intangibility, simultaneity, heterogeneity, or perishability when analyzing financial products. When considering the property of media, financial products are intangible, although durable. Therefore, financial products are designed beforehand, and knowledge of product development research is applicable. Further, in financial product development, lead-time reduction and communication are even more critical than tangible products.
