New product development:
Every products have to go through a life cycle. First, its born, have some several phases, growths, makes profits & eventually dies. Then a new product come that create new or greter value for customers.
Product life- cycle has two major challenges.
🌐The challenge of new product development.
🌐The challenge of product life cycle strategies.
Now ,first we are going to see the problem of finding & developing new products & then the managing them successfully at their life cycles.
New product development can be obtained through two ways:
1. Acquisition- Its a way of buying a whole company , parent or license to produce someone else's product.
2. Produce new product- Its a way of producing new product of firms.
New product means original products with improvements , modifications, development through research & development efforts.
New products are important both customers & marketers who serve them. Marketers bringing new solutions & variety to customers lives because customers are the key sources of company's growth.
Sometimes, companies face problem while developing new products. Thats why companies need to understand its customers, markets, & competitors & develop product thats deliver superior value to customers.
Every products have to go through a life cycle. First, its born, have some several phases, growths, makes profits & eventually dies. Then a new product come that create new or greter value for customers.
Product life- cycle has two major challenges.
🌐The challenge of new product development.
🌐The challenge of product life cycle strategies.
Now ,first we are going to see the problem of finding & developing new products & then the managing them successfully at their life cycles.
New product development can be obtained through two ways:
1. Acquisition- Its a way of buying a whole company , parent or license to produce someone else's product.
2. Produce new product- Its a way of producing new product of firms.
New product means original products with improvements , modifications, development through research & development efforts.
New products are important both customers & marketers who serve them. Marketers bringing new solutions & variety to customers lives because customers are the key sources of company's growth.
Sometimes, companies face problem while developing new products. Thats why companies need to understand its customers, markets, & competitors & develop product thats deliver superior value to customers.
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