New Product Development
The new-product development process starts with the search for ideas. Some marketing experts believe the greatest opportunities and highest leverage with new products are found by uncovering the best possible set of unmet customer needs or technological innovation. New-product ideas can come from interacting with various groups and using creativity-generating techniques (p. 614).
So why is product development important? According to the Wikipedia,
New product design and development is more often than not a crucial factor in the survival of a company. In an industry that is changing fast, firms must continually revise their design and range of products. This is necessary due to continuous technology change and development as well as other competitors and the changing preference of customers.
Not only is product development essential for growth in the business industry but it is also a rallying factor for the survival of a company. If a company who has been around for many years and has not really increased or expanded its business, it may be just sauntering around and not really gaining anything beneficial for itself then there is a high percent chance that they might go down in the future. But with the help of product development one might be saved. In artisanwork.org (2009) product development is said to be a tool used to open new markets, expand sales of current product categories, reposition a company and/or improve profitability. Product development is needed because of the continuous changing of customer’s preference. As a result of technology and advancements in science people are now more aware than ever and are more knowledgeable than before. Customers play a major role for the success of any type of business. Product development then becomes an avenue for opportunities wherein a company may have a chance to further expand its business and its target market with the help of product development. Making