Time to Market - Definition
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What is Time to Market (TTM)?
Time to Market is the period of time from the conception of a product to its final production or availability for sale in the market.
Types of Time To Market
The primary goal of every company is to provide quality products for their customers in the shortest time possible. The major types of TTM are:
- Speedy TTM- This is about pure speed, though it is not the best objective, many organizations use it. The company's goal is to deliver the product as quickly as possible.
- Predictable schedules TTM- in this case, the products are schedules to meet customers needs at specific time, so they are produced and delivered based on schedule.
- Flexible TTM- here, time to market changes because the goal is customers satisfaction. So, production time is flexible to suit the needs of the customers.
- Minimised TTM- managers that want to minimise cost or labor use this type of TTM. This type of TTM cuts expenses and labor.
Academic Research on TTM (Time to market)
- New product development: The performance and time-to-market tradeoff, Cohen, M. A., Eliasberg, J., & Ho, T. H. (1996). Management Science, 42(2), 173-186.
- New product development structures and time-to-market, Datar, S., Jordan, C., Kekre, S., Rajiv, S., & Srinivasan, K. (1997). Management Science, 43(4), 452-464.
- Performance and time to market: Accelerating cycle time with overlapping stages, Calantone, R. J., & Di Benedetto, C. A. (2000). IEEE Transactions on Engineering Management, 47(2), 232-244.
- Time to market, Pawar, K. S., Menon, U., & Riedel, J. C. (1994). Integrated manufacturing systems, 5(1), 14-22.
- Investing in product development and production capabilities: The crucial linkage between time-to-market and ramp-up time, Carrillo, J. E., & Franza, R. M. (2006). European Journal of Operational Research, 171(2), 536-556.
- Time-to-market: Put speed in product development, Vesey, J. T. (1992). Industrial Marketing Management, 21(2), 151-158.
- Time to market prediction using type-2 fuzzy sets, Baguley, P., Page, T., Koliza, V., & Maropoulos, P. (2006). Journal of Manufacturing Technology Management, 17(4), 513-520.
- Design for manufacturability and time-to-market, Part 1: theoretical foundations, Youssef, M. A. (1994). International Journal of Operations & Production Management, 14(12), 6-21.
- The influence of time-to-market and target costing in the new product development success, Afonso, P., Nunes, M., Paisana, A., & Braga, A. (2008). International Journal of Production Economics, 115(2), 559-568.
- Quality and time-to-market trade-offs when there are multiple product generations, Morgan, L. O., Morgan, R. M., & Moore, W. L. (2001). Manufacturing & Service Operations Management, 3(2), 89-104.
- New product development process and time-to-market in the generic pharmaceutical industry, Pranikar, J., & kerlj, T. (2006). Industrial Marketing Management, 35(6), 690-702.