{"id":1048,"date":"2022-04-21T19:14:00","date_gmt":"2022-04-21T17:14:00","guid":{"rendered":"https:\/\/support.centreforelites.com\/new-product-development\/"},"modified":"2023-04-29T16:29:03","modified_gmt":"2023-04-29T14:29:03","slug":"new-product-development","status":"publish","type":"post","link":"https:\/\/support.centreforelites.com\/en\/new-product-development\/","title":{"rendered":"NEW PRODUCT DEVELOPMENT"},"content":{"rendered":"\n

In our previous discussions, a product<\/a> was defined as anything that can be offered to a\u00a0market for attention, acquisition, use or consumption that might satisfy a want or need. In\u00a0this regard, a product might be said to include physical objects, services, persons, places,\u00a0organisations, and ideas. In addition, every product should be seen as the packaging of a\u00a0problem-solving service.<\/p>\n\n\n\n

\"NEW<\/a>
NEW PRODUCT DEVELOPMENT<\/a><\/figcaption><\/figure>\n\n\n\n

Again, we have also stressed that, every product<\/a> seems to go through a life cycle i.e. it is born, goes through several phases, and eventually dies. Newer products show up in the market to serve the consumer better than the dead one. These new products would also suffer the same fate as the previous ones, and another cycle begins.<\/p>\n\n\n\n

This product life cycle poses one important challenge to organisations: since all product eventually decline (in sales or acceptance), the firm must find new products to replace ageing ones. The focus of this article therefore is on new product development<\/a>.<\/p>\n\n\n\n

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Table of Contents<\/p>\n