New Product Development - Why Bother???

Why do companies launch new products? The factors can be divided into two categories:

I. External:

• Technological advances

• Competitive pressures

• New entrants

• Consumer behaviour and expectations

• Industry developments

• Market drivers

• Demand

• Economic forces

• Social changes

• Demographics

• New and existing legislation and regulations

• Political and legal systems in foreign markets

II. Internal:

• Create new business opportunities

• Build brand awareness and recognition

• Increase ROI

• Improve cash flow

• Improve profitablity

• Enhance quality

“When you stop growing, you start dying.” ― William S. Burroughs

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