What challenges does a company face in developing new products and services

1. ?
What challenges does a company face in
developing new products and services?

2. New-product
development shapes the
company’s future

3. New-Product Options
MAKE BUY

4. Types of new products
NEW TO WORLD IMPROVED FORMULAE

5. Challenges in new product development

6. Innovation imperative
,

7. .
In an economy of rapid change, continuous
innovation is a necessity.
Highly innovative firms are able to identify
and quickly seize new market opportunities

8. Companies that fail to develop new ideas
(products) leave their existing offerings vulnerable

9. Cost of development

10. A company typically must generate many
ideas to find just one worthy of
development and thus often faces high
R&D,manufacturing,and marketing costs.

11. Shorter required development time

13. Launch time

14. New products should be
launched at perfect time
sometimes they are
launched after the
category has already
taken off or when there is
still insufficient interest

15. Shorter product life cycles
Rivals are quick to copy success
* Sony used to enjoy a three-year lead on its new
products. Now Matsushita can copy them within
six months, barely leaving Sony time to recoup its
investment.
sonymatsushita

16. Social,Economic,and Governmental constraints.

17. New products must satisfy consumer safety and
environmental concern.

18. Advertising

20. price
Price

21. Price must be set after a careful market research .
Setting a high or low price tags might lead to dire
consequences

22. Distribution support

23. Initial distribution of product involves selling costs
which directly affects the Cost of the new product

24. Competition

26. New features
Adding new features regularly place a crucial role in
the development of new product