Product development is the process by which a company does
one of two things: 1) creates an entirely new product that adds to an existing
product line or occupies an entirely new niche; 2) modifies or updates an
existing product. Successful product development is essential for any business
if it hopes to exist for any length of time.
Why product development responding to Market Demand."Everyone
in industry knows that new products are essential for viability: If we do not
continue to grow, we die. To grow, a company must continue to learn research
and to make a difference in its industry pioneer. Business, whether it sells waste management or
interstellar communications, janitorial services or gene-splicing, lives
through new growth not through clones of the past."