Third Party Tool
What is a third party tool?
A third party tool is a piece of hardware or software developed by a company other than the product manufacturer designed to boost product performance. A battery case for an iPhone manufactured by a company other than Apple is an example of a third party tool.
How third party tools work
Opportunities offered
Companies are bringing new products to market all the time, especially technology companies. Each new product or service that comes to market offers opportunities for other companies to leverage it for business.
Sole reliance
Some third party companies might rely completely on the existence of another company's products. Many makers of mobile phone accessories wouldn't exist without Apple, Samsung, and other cell phone hardware manufacturers.
Cheap R&D
Third parties often -- deliberately or inadvertently -- provide feedback to companies that can help improve products. Third companies might even exploit a flaw in another company's product by offering a fix, for a price.
Why third party tools matter
Improves product performance
As much as they may tray, companies can't think of everything when it comes to product design and launch. Third party businesses offer tools that can improve product performance or protection and increase consumer satisfaction for the original product.
They generate revenue
Smart third party companies know how to exploit another company's product and generate revenue through the creation and offering of third party tools. Launch of an original product is just the start of a cascading business cycle that might include many other companies.
Improves product design
Third parties identify flaws in product design that can prompt the original product manufacturer to rectify. They can play a key role in research and development for newer versions of product.