How does one assess a company’s performance in this area?
New product development and innovation are closely linked. And an organisation’s innovativeness can be measured in many ways. One is to look at the sheer number of new products that are launched in the market.
The Importance of Product Development
Product development is essential to the survival of businesses and society. A actual thing, such as a car, smartphone, or coffee maker, could be the product. Services such as a new IT solution, a new manufacturing technique, or a new real estate marketing strategy could all be examples.
The following are provided by all successful product development actions:
- Customers will receive new value.
- a better society
- The company’s continued existence