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What is the importance of new product development?

What is the importance of new product development?

Answers

Lellah
1. Dynamic business environment with changing technology require new products to be in tune with such changes
2. To meet changing customer needs and wants due to changing customer tastes and preferences
3. Response to changing competitor product ranges
4. Product life cycles may dictate change of product portfolio to replace existing and declining ones
5. To increase sales and profits
6. Cost reduction through offering new products that provide similar performance at a lower cost.
7. Creation of competitive advantage
8. New product strategy as part of overall strategic business plan.
9. Risk reduction by diversification of the product portfolio
Lellah answered the question on November 5, 2021 at 10:55

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