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Product Development Research Paper

In: Business and Management

Submitted By kmd21
Words 3881
Pages 16
Kevin Dunn

MGT 364- Section 01

Research Paper: Product Development

Dr. Denton

November 21, 2013

Table of Contents:

I. Introduction……………………………………………………………………3

II. Developing Products………………………………………………………….4

III. Product Differentiation……………………………………………………..10

IV. Conclusion and Recommendations ………………………………………..13

V. Works Cited…………………………………………………………………..15

Introduction
Product development is one of the most important aspects to any business. New and innovative products have placed companies like Apple, Google and Samsung on the map. Companies like General Motors have been able to rebound from bankruptcy thanks to product development. On the other hand, companies like Eastman Kodak have fallen by the wayside due to their inability to keep up with new products. According to an article in the European Journal of Engineering Education, “Product development is the set of activities starting with the perception of a market need and ending in the production and sale of a new product satisfying that need” (Silva, Arlindo, Elsa Henriques, Aldina Carvalho). By successfully developing a product firms can see increased profits as well as an increased market share. To the helicopter game players, proper product development can set one team apart and earn them more profits. The purpose of this research paper is to explain how to successfully build a product through the phases of product development and product differentiation. As well as to give recommendations based on these ideas.

Product Development
Developing and introducing products is frequently expensive and risky. There’s no guarantee that a market will respond positively to your product. That being stated, there are things an organization can do to reduce the risk and successfully introduce a product. Key aspects to developing products include generating ideas,...

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