New Product Development - Essay Example

(Chopra et al, 2007) New product development is that series of events that starts with the conception of the product and its ideation, and ends with reaching the product to the end user through strategic brand positioning through the meeting of competitive advantage. New product development is an important part of any and every business today in order to show a portfolio that thrives on enrichment through innovation and new experiences in the market place. It is a concept that will hold the prospective consumer's attention for long enough in order to turn him or her into an actual end user. In a nutshell, through new product development, one renders a quality of improvising and strategic branding to the business and helps reach out to more and more people and turn them into consumers. Therefore, it is an important part of meeting competition and venturing into new markets to increase profitability and brand visibility as well. (Savage, 2007)
According to the above diagram, the importance of new product development lies in the fact that there is a need in today's world of competition to keep redefining the business and its ...