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Running Head: NEW PRODUCT DEVELOPMENT PROCESS
New Product Development Process: Solar-Powered Toothbrush
NEW PRODUCT DEVELOPMENT PROCESS
Successful development and introduction of new products into the market are one of the
key strategies that a firm competing with others can achieve a competitive advantage over the
competitors. To meet and satisfy consumers unmet needs and demands, firms have to constantly
innovate and come up with new products. Firms that constantly innovate and introduce new
products into the market are better placed to increase their market share, revenues and
profits(Leonard‐Barton, 1992). Despite the promise of financial payoff that comes with the
successful launch of new products into the market; a failure in the process of launching a new
product is a costly affair. Failure is likely to result in reduced market trust in a company’s
products, and financial losses in terms of sunk costs used in R&D, production and marketing of
new product(Leonard‐Barton, 1992). For this reason, it is important to follow the due process
when planning to launch a new product into the m...
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