Product realization entails the preliminary research towards initiation of products that are to be marketed as well as the actual development and testing of those products over their effectiveness in meeting customer demand.
In the framework of new product realization the entire process comprises a number of steps that constitute the procedure efficient in terms of matching the ‘new product’ to be launched with the market demand. However, as Storey and Easingwood (1999) indicate, new product development should be consistent with the market trends and with the firm’s capabilities and resources. In that extend, firms should be highly focusing on designing those characteristics and attaching those features to their new products/ services that are meaningful and ‘desirable’ for both customers and the firms themselves. Adopting a market driven strategy with regards to new product realization is vital in that it eventually allows management to identify and explore the critical stakeholders’ requirements or needs and gradually embed these in the product/service specifications prior to launching a new product/service (Herrmann et al., 2000).
Strategic new product realizations offer comparative advantages to organizations mostly due to the fact that they are credited for increasing competence, adding value to the firms’ offerings and eventually strengthen the competitive opposition in the overall market environments (Storey and Easingwood, 1999). However, product realization strategy needs to be market – oriented in order to provide the fundamental basis for successful results. According to Chakravarty (2001) the development of new products is essential only if these new products incorporate and embed the customer requirements, customer needs and generally pertain to addressing customer demand. The author further expands this view by arguing that market driven product realization strategy reflects the strategic fit of the new