Time to Market - Explained
What is Time to Market?
Written by J. Mance Gordon
Updated at April 21st, 2024
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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.
- Minimized TTM- managers that want to minimize cost or labor use this type of TTM. This type of TTM cuts expenses and labor.