Product development - Assignment Example

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Product development

Product development process is basically an introduction of a new product which every company has to go through at a certain point of time. Individual’s needs and wants change with time, therefore it is essential for the organization to tailor an existing product or develop a new product in accordance to those needs. Aims and Objectives: The aim of the research would be to find out whether product development is the best way to gain competitive advantage and in doing so achieve the following objectives: Impact of product development in the current fast-moving environment. Identify how product development can result in higher market share. Background and Methodology Presently, competition has increased so much that it has become essential for every company to gain a competitive edge over its competitors by adopting various strategies and methods. The purpose of this study is to find out the role of product development in achieving competitive advantage and increasing company’s market share. This research will be based on secondary data, where I would be going through various research reports, working papers and publications on product development. Literature Review: Though developing a new product is not at all an easy task to do, but to succeed and maintain your position in the industry, it is essential to build up a new product line. To do this, it is important to conduct a detailed survey in order to come up with a product that perfectly meets the requirements of your target market. ...Show more

Summary

Various studies have been conducted on how a company can build a competitive edge over its competitors. Through majority studies it has been proved that though development of a new product might not be the only way of building competitive advantage but it is one of the best approaches that can be applied…
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Product development essay example
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