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

What is role and status of sociality in consumer behaviour, What is the rol...

What is the role and status of sociality in the consumer behaviour? Social: This comprises family and their status and role. 1. Family: It also affect the buying behavi

What do you mean by media of advertising, What do you mean by Media of Adve...

What do you mean by Media of Advertising? Media of Advertising: Advertising media are implies to communicate the message of advertiser to customer. Information comm

Advantage of the direct marketing, Advantage of the direct marketing: ...

Advantage of the direct marketing: 1.       Focued approach: it is possible to identify a very specifc target using direct marketing techniques. This makes it a very useful

What are the types of sales promotion strategies, What are the types of sal...

What are the types of sales promotion strategies? Sales Promotion Strategies: There are three kinds of sales promotion strategies as illustrated here: • Push, • Pul

Geometry question, "The perimeter of a rectangle is 32 feet. The length is ...

"The perimeter of a rectangle is 32 feet. The length is three times as long as the width. Find the length of the diagonal."

Advertising management, Advertising management: advertising management inv...

Advertising management: advertising management involves the major decisions in the management of the advertising. Broadly it includes the following activities: 1.       Settin

Business plan, how to write a channel design decision: intensive, selective...

how to write a channel design decision: intensive, selective and exclusive

Explain the marketing communications mix, Explain the Marketing Communicati...

Explain the Marketing Communications Mix Marketing communications mix comprises a set of tools (disciplines) which can be used in various combinations and different degrees of

Branding, the importance of branding for marketing company in this case M&C...

the importance of branding for marketing company in this case M&C Saatchi and a non-marketing company in this case Coca Cola.

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