- Important things to consider in new product development and why is it necessary to evaluate the new product idea at each stage of development.
New product development is an important process requiring an understanding of the target market, identification of user needs and the product usage context. Consideration of such user-driven factors is what often makes or breaks a product launch especially for small and new businesses. Larger companies on the other hand have already established markets and thus their main consideration is the product’s desirability, feasibility and cost effectiveness (Kotler & Keller, 2009). The new product must ...