What challenges does a company face in developing new products and services
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A company faces several challenges in developing new products and services, including high research and development costs to generate and test ideas, shorter product life cycles as rivals quickly copy successes, and ensuring new products are launched at the perfect time to take advantage of market opportunities while satisfying safety, environmental, and regulatory standards. Price must also be carefully set based on market research and distribution and advertising supported to recoup initial costs as competition intensifies. Continuous innovation is necessary but developing new ideas comes with significant financial and market risks.
What challenges does a company face in developing new products and services
- 1. ? What challenges does a company face in developing new products and services?
- 4. Types of new products NEW TO WORLD IMPROVED FORMULAE
- 5. Challenges in new product development
- 7. . In an economy of rapid change, continuous innovation is a necessity. Highly innovative firms are able to identify and quickly seize new market opportunities
- 8. Companies that fail to develop new ideas (products) leave their existing offerings vulnerable
- 10. A company typically must generate many ideas to find just one worthy of development and thus often faces high R&D,manufacturing,and marketing costs.
- 11. Shorter required development time
- 13. Launch time
- 14. New products should be launched at perfect time sometimes they are launched after the category has already taken off or when there is still insufficient interest
- 15. Shorter product life cycles Rivals are quick to copy success * Sony used to enjoy a three-year lead on its new products. Now Matsushita can copy them within six months, barely leaving Sony time to recoup its investment. sonymatsushita
- 17. New products must satisfy consumer safety and environmental concern.
- 18. Advertising
- 20. price Price
- 21. Price must be set after a careful market research . Setting a high or low price tags might lead to dire consequences
- 23. Initial distribution of product involves selling costs which directly affects the Cost of the new product
- 24. Competition
- 26. New features Adding new features regularly place a crucial role in the development of new product