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

#NewProductDevelopment #NPD #ProductDevelopment #ProductLifeCycle

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