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Running header: BEST PRACTICES WITHIN STAGES OF NEW PRODUCT
Best practices within stages of new product development
BEST PRACTICES WITHIN STAGES OF NEW PRODUCT DEVELOPMENT
The changes in dynamics such as competition, technology, and markets in
general, have brought about the virtual change to the marketing sector which in return
has led to the expansion of new products, therefore, rendering it as one of the most
impactful and important stages of business. On business re-engineering, the section on
new product development in the supply chain process is mostly about introducing a new
product into the field of the market where the opportunity for market transformation is
manifested which in turn leads to the availability of the product for sale. The product
could be both concrete and insubstantial, that is, in terms of services (Kahn, 2012).
Innovation is the main driving force which is used in many fields which lead to the
companies directing the industries to make up for half of their revenues to the
developed products in the recent years. The development of a new product in firms is
fashioned by the nature of the industry along with the size. There have been recent
studies where the new products fail at a rate of fifty to eighty percent. This means that
there are a number of factors which are the reason why a new product fails, but
planning and faulty management are at the center of it. This implies that in the
introduction of a novel product, management is the key to a healthy organization.
In the past years, when innovation was ta...