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4 Key Factors In New Product Development
by Edward P. For Expert Assistance With Your Transatlantic StraNew product development is the method of bringing a completely new product to the market. The new products may either be the products that a business has never ever manufactured or sold before but do exist in the market or can be defined as a product innovation that is created & brought to market for the first time.
They might be totally original products or existing ones that you might have modified, updated and improved. The key factors in new product development include the following:
Development strategy
Strategy is a plan of action that’s designed to achieve an overall or long-term aim. It is very important for a new product launch. It is basically the process of bringing any new innovation to the consumers right from conceptualisation to testing via distribution. With its new products that are obtained through the market, a pulse is usually created.
Development speed
Speed for marketing is an important factor for the success of a new product. If the new product takes five years to develop, it is highly possible that by the time it enters the market, it will be eclipsed. No matter how good the design is, the product won’t be of that demand in the marketplace. Both the design and the development team must maximise speed while protecting the user experience. The company also needs to have the budget to complete the development of the new product and launch it in the market quickly.
Development process
It is important to have clear processes when it comes to designing and developing a new product. While the design and development processes should be tailored to fit the particular circumstances, the work method that is transparent, clearly understood & agreed by all of the members of the new product development team is likely to deliver better results than the ones that are developed with no formal methods.
Development teams
For new product development, teams of diverse people from business organisations are generally brought together. All these teams including the R&D, market research, sales, industrial design, engineering and production team need to work together and coherently for highly creative and successful innovation. After all, team communication & coordination fosters successful product development.
There are many factors that contribute to the success of new product development apart from these four that are mentioned above. They include support from top management, market orientation, technology and knowledge management. To know more about these factors, read the article What are the factors that contribute to the success of new product development?
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About Edward P. 
For Expert Assistance With Your Transatlantic Stra
1 connections, 0 recommendations, 10 honor points.Joined APSense since, December 26th, 2019, From London, United Kingdom.
Created on Feb 13th 2020 04:47. Viewed 563 times.
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