#7 ‘NEW PRODUCT DEVELOPMENT’

INTERESTING SENIOR EXECUTIVE SUMMARIES
From the 1990’s
Michael Marshall
‘The Business Doctor’

 

Number 7
‘NEW PRODUCT DEVELOPMENT’

 

Studies indicate that 75% of company sales growth over next 3 years result from new products and new services

Companies aggressively developing and offering new products and news services will actually put other companies that are less progressive, out of business.

To prevent going out of business, a company needs an aggressive new product/services development program.

7 steps to product development success
1. company commitment in attitude and financial resources
2. active search and exploration of opportunities
3. conception
4. model or prototype
5. market development phase
6. test marketing
7. product launch

Strategy for new products and services
1. improve current products and services with small changes
2. innovate some major changes in products and services
3. invent and develop new products and new services

Some new products and new services are missed timed as to market needs and reception to them.

Some times to early and some times to late.

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