New product development is an important ongoing process for marketing management. It involves creating new product ideas, evaluating their sales and profit potential, designing and testing production, and marketing the product. The main stages are generating new ideas, screening ideas, assessing commercial feasibility, designing and evaluating the product, test marketing, and launching the product. Products can fail for reasons such as a faulty initial idea, poor design that doesn't meet customer needs, higher than expected production costs, inadequate understanding of market changes, insufficient promotion, incorrect pricing, or issues with packaging. Careful consideration at each stage of development is needed to avoid product failure.
1. NEW PRODUCT DEVELOPMENT Presented by :- AKANKSHA SINGH Enrollment no. 35 M.B.A (General) 1st semester - A
2. NEW PRODUCT DEVELOPMENT INTRODUCTION Development of new products is a continuous Function of marketing management in the Present – day environment. The products offered by a firm to the customer must be suitable to meet the changing needs of the customers. The life of the firm is closely related to the development of new products through technological innovations. The technological innovations are important to the growth of the established business as well as to the development of new business. Businessmen must make a detailed study of the market in relation to the products because “NEW PRODUCT MEANS NEW PROFIT”.
