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Word Count: 1,181
New Product Development can be defined as the process of innovating and inventing new ideas and concepts with a view to developing a successful new product in the anticipation of customer needs The process of New Product Development involves various stages of inventing testing retesting acquiring consumer attention and even redesigning therefore making this process quite elaborate costly and complicated depending on how the business wishes to make it However despite this process being elaborate costly and complicated it is quite necessary to a firm Firstly a firms administration needs to do this especially when competition is strong in their markets In doing so the firm can have another product to rely on or they can introduce a new product when competition from other firms is heavy Secondly innovation is compulsory for the continued success of a firm No matter how successful a product is there will come a time when it enters a period of decline and given the long period needed to develop them it is important to have new products in tow Also firms need to meet changing customer needs and competitors actions Therefore New Product Development is necessary as the tastes and needs of consumers change so that the firm will be up to date with its customers In addition the life cycle of many products change at very fast rates New Product Development is therefore necessary for the survival of any firm New Product Development is therefore not an optional matter it has to be done just to survive in todays dynamic market with its ever changing technology as the rate with which technology is increasing tends to render many products obsolete As mentioned before New Product Development can be described as an elaborate costly and complicated process Therefore for this venture to be successful it must be well funded In fact most companies which have successfully pioneered new products ensure that the Research and Development continues to
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