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Why is consumer acceptance important in the development of new products?
If consumers either do not see the product as meeting their needs or if they see the product as inconvenient or too difficult to use, then they won't accept it and spend their money to buy it. Resulting in a market failure, financial losses, wasted development time, loss of jobs at your company, and possibly even the company going out of business.
Why do new product development processes need to be personalized for each firm?
Stage Gate Process, Dr. Cooper is the Guru. Use his book at a guide to new product process for any company.
What is the objective of new product development?
The objective of new product development (NPD) is to create and introduce innovative products that meet market needs and drive business growth. This process aims to enhance a company's competitive advantage by addressing customer demands, improving existing offerings, or exploring new market opportunities. Effective NPD also focuses on minimizing risks and optimizing resources throughout the development lifecycle to ensure successful product launch and profitability. Ultimately, the goal is to deliver value to customers while achieving strategic business objectives.
What factor must be traded off by product development before introducing a new product?
Before introducing a new product, product development must trade off between innovation and market demand. While innovation can differentiate the product and attract attention, it is crucial to ensure that it aligns with customer needs and preferences to achieve market acceptance. Additionally, balancing the cost of development and the potential return on investment is essential to ensure the product's financial viability. This trade-off ultimately influences the product's success in the competitive landscape.
What are the Disadvantages of product development?
The disadvantage of product development is that it can get costly because resources are required by the Research and Development department of the business; a lot of experiments and tests are also performed.Secondly, product development involves a risk of whether the consumers will like the new features that have been developed/added to the new/existing product.
What are the two ways that a company can obtain new products?
new-product development and acquisition
Why is consumer acceptance important in the development of new products?
If consumers either do not see the product as meeting their needs or if they see the product as inconvenient or too difficult to use, then they won't accept it and spend their money to buy it. Resulting in a market failure, financial losses, wasted development time, loss of jobs at your company, and possibly even the company going out of business.
Why the consumer behavior is dynamic?
Because needs od the customers are changing according to new development of that product ..
Why do new product development processes need to be personalized for each firm?
Stage Gate Process, Dr. Cooper is the Guru. Use his book at a guide to new product process for any company.
What are some typical business strategies?
For merchandising businesses, when a business wants to enter an existing market with a new product, the appropriate strategy is called "product development", and when there is an existing product, the strategy is called "market penetration". When a business wants to create a new market with a new product, the strategy is called "diversification", and when a company wants to introduce an existing product onto a new market, the strategy is called "market development".
Where was the Segway developed?
The original prototypes were developed at Deka Research and Development in Manchester, NH. The company now does its product development in Bedford, New Hampshire at their corporate headquarters.
What is Product development?
Product development is often viewed as a science, with a set of methodologies and processes that can be followed to bring a product to market. However, the reality is that product development is much more of an art than a science. It requires creativity, intuition, and a willingness to take risks and try new things. One of the key elements of product development as an art is the ability to identify and solve problems. This requires a deep understanding of customer needs and a sensitivity to their wants and desires. A good product developer must be able to translate these needs into a product that is both functional and aesthetically pleasing.
Relationship between product life cycle and new product development process?
New product development and product life cycle are intricately linked, because most times companies and organizations embark of the development of a new product based on the application of the principles of the product life cycle. The product life cycle is a business principle that delineates the four stages that a new product goes through. These stages include the initial stage or introduction phase, followed by a phase of growth and then a subsequent phase of maturity on the market. The last stage of decline is the part that necessitates the development of a new product in order to replace the one that has worn out its market value. The link between new product development and product life cycle can be viewed from angle of the necessity of replacing a product that has reached the end of its product life cycle with a new product. This process of replacing the old product might simply require the application of a completely new product, or it might merely require an upgrade of the old product. Deciding on the exact approach depends on the recommendations of the new product development manager in consonance with the management of the company.
What is a white label product?
A white label product is a generic or unbranded product manufactured by one company and sold under the branding of another company. This allows the company selling the product to rebrand it as their own without having to invest in product development or production.
Difference between product development and new product development?
The former is an old process whilst the latter is a new one.
In your job in new product development section of manufacturing company which one what technologies would be of most benefit to you?
Computer-aided design.
What is the objective of new product development?
The objective of new product development (NPD) is to create and introduce innovative products that meet market needs and drive business growth. This process aims to enhance a company's competitive advantage by addressing customer demands, improving existing offerings, or exploring new market opportunities. Effective NPD also focuses on minimizing risks and optimizing resources throughout the development lifecycle to ensure successful product launch and profitability. Ultimately, the goal is to deliver value to customers while achieving strategic business objectives.
