Why some organizations are succeeding in developing new products and why some organizations failed in this aspect- this mainly depends on the strategies and systematic approach followed by the management. The major factors that should be considered in new product development are:
- Adopting technology and innovation strategies
- Performing an effective stage-gate system
- Allocating the resources timely
- Having right people for the tasks, creating comfortable team structures and the employees’ commitment towards developing new product.
- Managing the risks while developing products.
In other words, you need to advertise and market the product. To do this you need to have made adjustments, assess costs and then make final pricing decision.
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