Leading or bleeding edge?
New products is the process of developing a new product or service to market. This development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market. Cost, time and quality are the main variables that drive the customer needs. Aimed at these three variables, companies develop continuous practices and strategies to better satisfy the customer requirements and increase their market share through a regular development of new products.
“Leading edge” applies to products that are well defined, properly executed, and consistently brought into manufacturing. We all know the name when definition, execution and introduction doesn’t go well.
New product development may be done to develop an item to compete with a particular product/service or may be done to improve an already established product. New product development is essential to any business that must keep up with market trends and changes.
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