New Product Development can be defined as the process of innovating and inventing new ideas and concepts, with a view to developing a successful new product in the anticipation of customer needs. The process of New Product Development involves various stages of inventing, testing, retesting, acquiring consumer attention and even redesigning, therefore making this process quite elaborate, costly and complicated depending on how the business wishes to make it. However, despite this process being elaborate, costly and complicated, it is quite necessary to a firm.
Firstly, a firm's administration needs to do this especially when competition is strong in their markets. In doing so, the firm can have another product to rely on, or they can introduce a new product, when competition from other firms is heavy. Secondly, innovation is compulsory for the continued success of a firm. No matter how successful a product is, there will come a time when it enters a period of decline and given the long period needed to develop them, it is important to have new products in tow.
Also, firms need to meet changing customer needs and competitors actions. Therefore New Product Development is necessary as the tastes and needs of consumers change so that the firm will be up to date with its customers.
In addition the life cycle of many products change at very fast rates. New Product Development is therefore necessary for the survival of any firm.
New Product Development is therefore not an optional matter, it has to be done just to survive in today's dynamic market with its ever changing technology, as the rate with which technology is increasing tends to render many products obsolete.
As mentioned before New Product Development can be described as an elaborate, costly and complicated process. Therefore for this venture to be successful...