New Product Development
Author:
Genre: Management
The purpose of the analysis is to assess students’ ability to apply the concepts learned in the lecture sessions to actual business situations.
About the Book

New Product Development

In marketing a product is classified as anything that when pitched in the market satisfies needs and wants of customers. These products follow a definite lifecycle during its period of existence  in the market, which is represented as product life cycle (PLC). The PLC comprises of various stages like Development, introduction, growth, maturity and decline (Carter, C. and Williams, B., 1957). After a period of development the product is launched in the market were it grows and attracts more customers, slowly it reaches the maturity phase were the market stabilizes and then it finally goes into a decline phase where it is taken over by other competitive products and new developments. Almost every product goes through this cycle however its duration of existence depends upon its strategies and its ability to sustain in a competitive market. One of the most important factors in designing these strategies is innovation. Innovation can be in terms of new product, new manufacturing processes, new business or a new service. The need for new product development has been felt because of rapid changes in consumer tastes, severe competition, new technology, etc. because of which company cannot solely rely on its existing products. New products can be developed by two general ways like; Acquisition, Internal New product development process. This kind of innovations not only benefits the company but also proves to be beneficial for employees, customers and share holders. (Cooper, 1994)

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