Explain the Need For Product Development

In the present market scenario of processed foods we observe that sales profile of established brand names undergo unpredictable fluctuations. In a few instances, the once popular product may lose its premium position in the market. Therefore, the manufacturer should evolve effective strategies to achieve and to retain a well  secured place in the market. One such strategy is to introduce new products having better consumer appeal. So now in this context,

let us first understand what we mean by product development?  
 
Product development is by definition a future-oriented practice. It is an effort to foresee the future needs of the market place and to translate this information into state-of-the-art products.

In order to develop a new product, the manufacturer should have the knowledge about all the factors influencing the development of new products.  So then let us learn about these influencing factors.