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State the challenges facing new product development.

      

State the challenges facing new product development.

  

Answers


Lellah
1. Shortage of important new product ideas in certain areas : too few technologies of the investment magnitude in certain industries such as automobile, computer, tv etc
2. Fragmented markets: stiff competition has resulted in high fragmented markets with small potential market share for new products .This means that sales volume and profits will not support new products.
3. Legal and regulatory requirements: new products have to satisfy public policy criteria such as safety and environmental compatibility
4. Costliness of new product de.velopment process
5. Lack of financial resources for research and development of new products that force many companies to resort to product imitations and improvements
6. Shorter growth period for successful products due to competitive reaction through product imitations

Lellah answered the question on November 5, 2021 at 11:06


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