OTHERS

🔹NEW PRODUCT DEVELOPMENT:


The New Product Development(NPD) is the process of bringing a new product to the marketplace. Your business may need to engage in this process due to changes in consumer preferences, increasing competition and advances in technology or to capitalize on a new opportunity.
Innovative businesses thrive by understanding what their market wants, making smart product improvements and developing new products that meet and exceed their customer’s expectations.
🔸NEW PRODUCT CAN BE: –
 Products that your business has never made or sold before but have been taken to market by others.
 Products improvements or innovations created and brought to the market for the first time. They may be completely original products or existing products that you have modifies and improved.
🔸NEW-PRODUCT DEVELOPMENT PROCESS: –
Major Stages in New Product Development are mentioned below:
✔️Idea Generation;
✔️Idea Screening;
✔️Concept Development and Testing;
✔️Marketing Strategy Development;
✔️Buying Analysis;
✔️Product Development;
✔️Testing Marketing;
✔️Commercialization;
🔸NEW PRODUCT DEVELOPMENT STRATEGY: –
Two ways to obtain new products
1.ACQUISITION: It refers to the buying of a whole company, a patent, or a license to produce someone else’s product.
2.PRODUCTS DEVELOPMENT: It refers to original product’s improvements, modifications and a new brand from the firm’s own research and development

SACHIN PAL
(BBA, 3rd SEM, MORNING,SECTION-B)

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Rashmi Gujrati

Prof. Dr. Rashmi Gujrati , Professor-Dean (International Affairs) CT University, India President-Editor-In-Chief Tradepreneur Global Academic Platform, UK (Institution of Research & Development) Qualification: M.com, MBA, Ph.D. Specialization: Marketing, Finance & International Business, Entrepreneurship. Editor-In-Chief International Journal of Business Operation Editorial Board member of (IJEFMS) Science Publish Group, USA Editorial Board Member of Academic for Global Business Advancement Association, USA Reviewer of Common Ground Research Networks University of Illinois, USA Reviewer IBIMA Association, Spain Scientific Review Committee, Advisory Board Member of AASE Member Chung Yuan Christiana University, Taiwan Scientific Board Member of InTraders Academic Platform, Turkey Editorial Board Member of Journal of Agriculture, Food, Environment and Animal Sciences, Turkey Indian Commerce Association Indian Accounting Association Indian College Principals Association Review & Editorial Committee Board Member Laescuela Education Scientific Committee Member of Research Synergy Foundation (RSF) Indonesia Editorial & Review Committee member FSSER Malaysia Editorial & Review Committee member GI-SSF Malaysia +919759347347

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