Posted on May 26, 2022
Why are Businesses Pursuing New Product Development?
With the impact of globalization, companies are carefully considering how best to expand their products and services. Therefore, the product development strategy is very important for their success. However, many companies are on the defensive and just want to stay in the market.
However, staying in a holding position is a way for companies to be left behind. Innovative thinking that enables product/service growth is a very sure path to sustainable success. The importance of product development for business growth, especially in a competitive market.
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Companies striving for sustainable growth must frequently and consistently develop new products and services. Highly innovative product development companies are able to recognize new market opportunities and seize them quickly.
Any attempt to create a new product requires companies to think strategically about their product development. Alexander Chernev, the author of Strategic Marketing Management, also argues that managing growth is the preferred route to profitability than simply cutting costs.
However, developing a new product means turning a product or service idea into a real offer that customers want. The following steps are the steps in which more products are sold: (a) idea generation, (b) concept development, (c) business analysis, (d) product development, (e) market testing.
In its market entry strategy, the company seeks to grow with existing product offerings in existing markets. With this strategy in mind, organizations seek to increase their market share.
In its market entry strategy, the company aims to expand its existing offerings to new markets as new buyers. In a product development strategy, companies seek to develop new products and services aimed at existing customers.