New Product Development Process
If a company needs to launch a new product in the market, there is a different development process to be considered. The following are the factors contributing to new product development −
#Demand in market
#Acceptance of a product in the market
#Acceptance of company strategy in market
#Economic viability of the product
#Changing the product as per consumer preference
#Adapting as per technological development
#Consideration of Government Policy
The development process has to consider these different perspectives for product development and has to adapt as per the market demand.Source: https://www.tutorialspoint.com/marketing_management/marketing_management_product_life_cycle.htm