New product development

Purpose: The requirement for firms under the capitalist system to retain a competitive edge in the marketplaces in which they operate may be credited to establishing a structured new product development function, which is necessary for company survival and growth. The process is essentially one of innovation, and it is characterised as "the technical, industrial, and commercial processes leading to the sale of newly produced items."

The following is a general outline:

THE NEED FOR NEW PRODUCT DEVELOPMENT

New product development is primarily concerned with increasing business viability and, as a result, national prosperity. However, there are various viable alternatives to new product creation that may attain this goal. From the company's perspective, the procedure may be utilised to broaden the scope of commercial operations.

Background

Alternative types of drug development

Status quo

1. Diversification

2. Revitalisation

Diversification

This broad phrase refers to any business growth that doesn't sell everyday items to established markets. As previously mentioned, the justification for such action may come from irreversible changes in the commercial environment, but other elements frequently combine to give the push.

The main ways in which the process can contribute to this objective are manifold but include:

(1) utilisation of excess capacity and labour;

(2) moderation of single market dependence;

(3) reducing dependence on subcontractors/suppliers;

(4) increasing turnover and profits;

(5) expanding range;

(6) removing seasonality in production;

(7) replacing obsolescent products;

(8) exploiting market opportunities

THE NATURE OF NEW PRODUCTS

1.  1.satisfying new  needs
2. Possessing outstanding performance
3. develop a product based on technological applications
4. successive minor improvements

CRITICAL FACTORS IN SUCCESSFUL NEW PRODUCTDEVELOPMENT

It's difficult to define new product success and even more challenging to measure the rate of success. The complex nature of the new product development process adds many variables that may or may not influence the project's result. This section explains how the organisation of the firm, the product, and the consumer all have a part in the success or disappointment of this industry, both individually and together.

The following characteristics of innovations

1.  1.relative advantage
2. compatibility
3. Complexity
4. divisibility
5. communicability

An Overview of the Product Development Process

The path from the new product concept to national launch is paved with a succession of data-gathering activities designed to improve the quality of any judgments made along the way. The company's business strategy determines the nature of these exercises. Although there is evidence that many firms, at least in the United States, do not practice marketing, many writers think that customer engagement in screening new product concepts is a basic necessity.

 

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