Product Development Process Do an internet search of the new product development process of any ...

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Product Development Process    Do an internet search of the new product development process of any  product of your choice, and analyze the process for developing the  product. Review the reasons why new products fail and make two specific  recommendations to improve the high failure rate of new products.

Anuja · Accepted Answer

New product Development process and reasons why they fail
As soon as the current product line sale stagnate for a company, they look for means to increase their revenue. It is either to increase the reach of their existing products or go for a completely new product launch. A lot of research, time and money goes into developing a new product, which could be a line extension of an existing set of products or a completely new product line, depending on market demand.
Now, let’s discuss the steps involved in introducing a new product which are- Concept, Evaluation, Development, Testing and Launch (Bhuiyan, 2011). Let’s discuss each step in detail.
1. Concept- the marketing and strategy team first comes up with different ideas as to what the product can be, it’s varieties, its utilities and discuss how it will be different from their current products.
2. Evaluation- once, the company narrows down the ideas to maybe 4-5 options, the process of evaluating the feasibility starts.

Product Development Process Do an internet search of the new product development process of any product of your choice, and analyze the process for developing the product. Review the reasons why new...

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