Why should companies focus on New Product Development?

1st January, 1970

Why should companies focus on New Product Development?

This article will look at explaining why companies should focus on new product development. In addition to this, this article will list 5 pointers as to why companies must focus on new product development. 

So why is new product development important? Well, every business needs to innovate to stay ahead of the competition.  If companies do not look at innovating and change products, they could see a decrease in sales and profits. But why is this? Well

1) Consumers want to see a regular change. This is because consumers are likely to change to competitors products which satisfy their needs and wants.

2) Another reason why companies should focus on new product development is that your product may have reached the end of its product lifecycle. Due to this, the companies may introduce new and improved updated version.

3) Lastly, a reason why companies should look at new product development is product maturity. A product may be at the final stage of its life cycle and need to be updated to keep sales and profitability increasing.

It is very important that companies follow new product development. This is because new product development is based on current market trends and new developments should be launched so that it can give greater benefit to the customers.  In addition to this, it can help companies understand what needs of their consumers helps to increase the sales of their business in terms of maximising the profits. Companies in the service industry know what they are competing for customers based on perceived value as much as actual price.

If would like to learn more about new product development, why not attend this year’s Executing Shopper Insights 2018 Conference?  This year’s conference will look at how to tackle the production and integration of shopper insight strategies led by brands and retailers to engage customers, increase marketing focuses and create a profitable Omni channel activation.

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