Factors contributing to new product development, Marketing Management

Assignment Help:

Factors contributing to new product development:

Several factors contribute to the new product development, while most are related to the external environment variables, the most important internal factors in the new product development is the surplus capacity that a firm may have at any given time.

Changing customer preferences: the driving force in the new product development is changing customer life styles, leading towards a change in the customers' preferences and expectations. The changing role of women, growth in the nuclear and stand alone families' increasing in education and income levels, and a manifold increase in the electronic media also contributes towards changing customer's expectations and preferences.

Technological changes: another factor is the technological in the industry and the market. For example, if Mrs. India Gandhi's government has not decided to expand the television network to cover 70 % of the India population, launched its own satellite INSAT IB and started colour telecast in 1982. It is extremely doubtful if many of today's products would have seen the light of the day in the Indian market.

Government policy: Government policies can also encourage or foster new product development processes. For example, a government policy encouraging competition can motivate firms to launch new products.


Related Discussions:- Factors contributing to new product development

BCG matrixand GE grid, analyse the product portfolio using the Boston Cons...

analyse the product portfolio using the Boston Consulting group matrix and the General Electric grid.

What is penetration pricing, Penetration Pricing This term is refers to...

Penetration Pricing This term is refers to a pricing strategy that dictates that the price of an item being introduced into a market should be set as low as possible to develop

Nature of message in advertising, Q. Nature of Message in advertising? ...

Q. Nature of Message in advertising? Nature of Message : If advertising note is informative in nature then newspaper will be suitable. If ad-message is to convince consumers t

Shift in orientation from old concept to modern concept, A shift in orienta...

A shift in orientation (from old concept of new or modern concept): in short, the marketing concept essentially represents a shift in orientation: 1.      From production ori

Introduction to product-life cycle, Product life cycle Meaning and def...

Product life cycle Meaning and definition: like a human being, all products have a certain length of life during which they pass through certain identifiable stages. Through

Caselet, considering the concept of product life cycle, where would you put...

considering the concept of product life cycle, where would you put video games in their life cycle?

Briefly explain trend, briefly expain trend describe the impact of the tren...

briefly expain trend describe the impact of the trend on the idustry

Test marketing, what is test marketing and various approcehes that are foll...

what is test marketing and various approcehes that are followed by FMCG companies in test marketing

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd