New Product Development Process

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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