NEW PRODUCT DEVELOPMENT

New Product Development as a Series of Decisions

Product development is a sequential decision process. It’s a series of decisions, not one. It is
therefore key to concentrate attention on the precise new product decision at hand and think
through the market research and creative tools needed for that stage.

New Product development as A Strategy for Growth

Product development is a strategy for growth that can offer many advantages and potential
benefits for businesses. It can help businesses create new and innovative products, enter new
markets, and expand their existing customer base. Additionally, product development can help
businesses improve their overall competitiveness to become more efficient and better meet
customers' needs. Unfortunately, product development is a key strategy for businesses to
consider in order to achieve long-term growth. 

What is a New Product?

A new product is one that is new to the market. It can be a new version of an existing product
or a completely new product. It must offer something new to the customer and be able to meet
their needs or wants. To be successful, a new product must be able to solve a problem or meet
a need that the customer has. 

New product development is a task taken on by the company to introduce newer products into
the market. Regularly, there will be a need in the business for new product development. It is
the process of taking a product or service from conception to market. Every product goes
through a number of stages before being introduced to the market.

Models of a New Product Development