Premium Essay

Product Development

In: Business and Management

Submitted By shiva246
Words 453
Pages 2
In today’s globalization and competitive world innovative and successful product development is a big challenge to the any industry. Innovation and creativity is function within industry. In a current modern world innovative product development is the involvement of multi-disciplinary. In Nepal also there is fierce competition among industries. Because of this ongoing competition product failure rate is also increasing.
Evaluation of the strategies of new product development projects in Nepalese manufacturing industry

Aims or purpose of evaluating strategies:
The main purpose of evaluating different product development strategies is to successful launch of a new product into market. In order to launch product into market organization must evaluate on different strategies:
Innovation: In today’s competitive market, organization must launch innovative product into market. This is the main purpose for the organization. For the product innovation inter-organizational communication is essential for commercial success of new product, which depends on information change about the market and resources availability to make accurate decisions regarding product development. Many companies have reorganized new product development responsibilities into inter functional team efforts, instead of relying solely on a R & D unit. In the hopes of strengthening the information exchange processes organizational management can also encourage the process of inter-functional communication by establishing formalized rules and procedures for communication and interaction.

Profitability: Development plan for new products should frequently design around establishing a market which in the long-run will have a favorable impact on the firms' profitability.

Factors influencing different strategies:

Shortening product lifecycle: Rapid changing technologies and customer

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