Time to market (TTM) is a period it takes from a product being conceived until its availability for sale. It encompasses the entire development process. It includes ideation, design, development, testing, and launch. TTM is a critical metric that affects a company's ability to capitalize on market opportunities, respond to competition, and meet customer demands.
The basic stage where the product idea is developed and brainstormed.
Product designs and product prototypes are built in this stage.
The actual product building happens at this point.
The product is rigorously tested to ensure that the product meets the quality standards and performs as per the expectations. A lot of various checks are performed here.
Setting up production lines to manufacture the product and prepare it to launch.
Strategizing marketing activities while creating promotional materials and targeting the right social media channels.
The last stage after which the product is released to the market from where the customers can directly purchase it.
Competitive advantage
Early investors and venture capitalists get substantial investment returns.
Generation of revenue
Customer satisfaction
Adaptability