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New product development refers to the designing, creation, and introduction of a product or service in the consumer market. Changing features of an existing product or modifying it is also known as product development. To meet up the changing and increasing demands of the consumers and to ensure sustainable growth, companies emphasize on the consistent development of newer products.
Need For New Product Development
- Growth - Entrepreneurs launch the new product in the industry to generate competitive advantage and stay ahead of their rivals. With the same old and unchanged product, no business can achieve growth and long-term sustenance.
- Productivity - To develop newer products in regular intervals and to improve their productivity and sales rate, companies should be in a continuous process.
- Innovation - The demand for newly developed products depends on the new features and innovation implemented into it. In order to make the newly developed product better than the existing one innovation is essential. Consistent development of the new products introduces innovation within the industry. To gain the competitive advantage against the potential rivals in the industry innovation is essential.
- Consumer demand - The needs of a consumer, changes continuously with time. To address their changing needs companies develop new products and services. To gain a stronger base of potential customers, fulfilling consumer demand is essential. The Strong base of potential customers determines the future of the companies.
- Competition - With the focus to attain target market and lead the industry companies to strive to introduce newer products in the market. The majority of the companies are emerging out with the product and superior features with the advancement of the technology. Consumers are prone towards accepting products that facilitate with the latest benefit, which encourages high competition within the industry.
Problems faced by students while preparing the New Product Development assignment
Preparing project or assignments in new product development (NPD) require in-depth knowledge regarding the concept of the product, analysis of consumer demand, background information about the market, all at one go. Students have to conduct a survey and primary research with consumers, to carry out the assignment on NPD. To make the assignment, practical and presentable, the primary and secondary research data are jotted down. This entire process is time-consuming, which students cannot afford after attending long hours of university lectures. To get rid of these contingencies, professional writing help is the only way.
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