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

Elements of the external environmental context, The responsibility of the M...

The responsibility of the Marketing Communication Manager is to sense those elements that can not be strong now but which in the future may have an impact on the organization and

Caselets, considering the cncept of product life cycle, where would ypu put...

considering the cncept of product life cycle, where would ypu put video games in their life cycle?

Concept of the marketing, Concept of the marketing: Generally, marke...

Concept of the marketing: Generally, marketing is understood to mean the sale and purchase of goods and services but it is narrow thinking to understand it so. The term mark

Advantages of product branding to middleman, Advantages of the middleman: ...

Advantages of the middleman: 1.       Easy to understand the needs and wants to consumers: use of the brand makes it very easy for the middleman to understand the needs, want

Product packaging, Product packaging: Meaning & definition: The p...

Product packaging: Meaning & definition: The packaging of a consumer product is an important part of the marketing plan. There are many factors to be considered while des

Define the term new brands, Define the term New Brands. New Brands: ...

Define the term New Brands. New Brands: A company may make a new brand name while it enters a new brand category for that none of the current brand of company names are a

Define need in marketing in briefly, Define Need in marketing in briefly. ...

Define Need in marketing in briefly. Need is a state of felt deprivation. This includes fundamental physical needs for clothing, food, warmth and also safety; as social needs f

What are the parts of convenience goods, What are the parts of Convenience ...

What are the parts of Convenience Goods? These are further divided within two goods: a. Staple convenience goods. All goods are consumed there by most people every day (for

Marketing issues, QUESTION 1 (a) Explain the term ‘implementation of st...

QUESTION 1 (a) Explain the term ‘implementation of strategies' and enumerate the eight components of strategic implementation (b) Elaborate on any THREE of the following iss

What is form utility in marketing, What is Form Utility in marketing? ...

What is Form Utility in marketing? Form Utility: This utility is created while raw material is converted within a finished product. For instant, Britannia industry convert

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