Sunday, January 17, 2010

Successful New Product Development

Guys, new product development is extremely important for those firms who have an image of innovation in the minds of consumers. Many firms try to introduce new products but only some of those products end up being successful. There are three things which a company should keep in mind when developing a new product which will allow the company to win the race in new product development.

1. Keep it Focused: The company should clearly know what it want to achieve through the introduction of the new product. As it is written in the seven habits book, the company should be aware of the end of what it is trying to achieve. If the company can clearly envision its product's end, it would really help the company to anticipate any future problems.

2. Nurture a Project Culture: The company should encourage a project culture in the company. Due to this culture, the different departments will be able to co-ordinate with each other more effectively and thus they will be able to introduce a successful product. Guys, we should all appreciate that sir manaan tried to create this project culture in us through the project assignment he gave us.

3. Talk to the Customer: Another important factor is which we studied throughout our marketing course. The company should constantly remain in contact with the customer. This will allow the company to understand the needs and wants of the customer which will allow the company to indulge in customer centered new product development.

Guys, check out this article on how to ensure that your new product development is a success and do give feedback.