Why Have New Product Development

• Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management.
  • They see new product development as a way to maintain or grow their market share.

• Companies view new product development as a proactive process.
  • Resources are allocated to identify market changes and new product opportunities.
    • This is better than waiting for a competitor to introduce an innovation.

• Companies also view new product development as an ongoing process.
  • The entire organization is always looking for opportunities.

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© 2008 John Michael Pierobon

Notes