THE IMPACT OF NEW PRODUCT DEVELOPMENT ON THE PEFORMANCE OF AN ORGANIZATION


THE IMPACT OF NEW PRODUCT DEVELOPMENT ON THE PEFORMANCE OF AN ORGANIZATION

ABSTRACT
Product is a very important part of the marketing mix, and consumers want and satisfaction serve as the yardstick for creating it. Hence products must be designed with the market’s need in mind. This essay writing intends to look at the basis for planning changes in marketing strategy which allows a management to take a corrective course of action. As a matter of fact, products like human beings have life span and they can die. The danger in the death of an organization product is that it could result to the closure of the organization business operations. In the light of this, it is therefore a necessity for organizations to adopt the new product in order to remain in business and have a sustainable and a new market.

Introduction

The society expects that all the manufacturing industries should continuously improve
their b usiness performance. To do this, all industries strive to operate and compete in an expanding and dynamic environment, and new product development is a vital source of competitive advantage. As posit by Grupta et al (1986), Edgett (1996) and Taylor et al (1994), Vourlioti et al (2008) technological evolution, the highly competitive environment and the varying (diversified) customer needs, have forced enterprises to search for and apply new product development processes that could improve their product unique characteristics, quality and business performance. According to Vourlioti et al (2008), Balbontun et al (2000), industries
adopt its own standards and different approaches to design new product development process (NPD), depending on its size, types and number of products or services that it produces, as well as its business environment. Consequently some industries focus their attention on the improvement of the product’s technical specifications, while other look for new product

 

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