Sample Essay
New product development is dependent upon a number of factors to be a long term success. New products should promise customer benefits and a value for money thereby having differentiation and superior in value being the primitive need for the company. Therefore, if differentiation is not present, the target market would have a unified perceived position as of other similar products existing in the market. Moreover, the ‘ready, fire and aim’ approach should be avoided as this could take the product to a decline stage immediately because of lack of testing in the market place. The testing phase should be given utmost importance to so that by the launch phase the outcome and results are estimated.
Consumer needs and wants should be reflected in the product and brought into the frame of demand, that is, either the demand of the new product should already have been there or should be created before it is brought about in the market. Cross functional project teams must be employed with timely marketing of the product with the right positioning (David, 2006).
These are just excerpts of essays please access the order form for custom essays, research papers, term papers, thesis, dissertations, book reports and case studies.
