A company faces several key challenges in developing new products and services, including properly identifying target markets and product requirements, generating new product ideas through incremental innovation and disruptive technologies, identifying new business opportunities considering affordability and social sustainability, ensuring new products satisfy social, economic, and government regulations and constraints, overcoming capital shortages required for extensive research and development, and cutting short development time through new techniques and strategic partnerships to launch before competitors.

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

2. Generating a Well Defined
Product Concept
• Identifying and assessing target
market, product requirements
and benefits.
• Establishing technological and
marketing synergy & high
quality of execution in all stages.

3. Performing Incremental Innovation/
Promoting Disruptive Technologies
Generating new ideas to find hidden assumptions
and ignored processes that can change the way a
company does business. Eg. GORE-TEX

4. Identifying New Business
Opportunities
Based on affordability, appropriateness and
social sustainability. Eg. Selco Solar Pvt. Ltd.

5. Social, Economic and
Government Constraints
New products must satisfy consumer safety
and environmental concerns. They must also
be resilient if economic times are tough.

6. Capital Shortages
In order to generate many ideas to find just
one worthy of development, a company faces
high R&D, manufacturing and marketing costs.

7. Cut Short Development Time
• Companies must learn to compress
development time with new
techniques, strategic partners, early
concept tests and advanced
marketing planning.
• It is imperative to tackle poor launch
timing and rivals who are quick to
copy success.