Assessment 4 – NPD Report – 3000 Words
“Globally, new products are launched almost every day. They are developed to provide solutions to common or specialised problems; to enrich
our lifestyle; to release us from mundane and monotonous jobs; to give reliable alternatives to old solutions; to amuse us; to provide items that
are more pleasing to the eye; to be more ecologically aware etc. What the companies that develop, design, manufacture, market and sell these
products are seeking is commercial compensation in the short, medium or long term “success” however you measure it. Subsequently, New
Product Development is a major issue for most companies as they seek to reduce time to market, reduce the development cycle, access new
technologies and develop more and better products and services. As the development of such new products that can successfully compete in
local, national and global markets has thus become a key concern for the majority of companies, so successful NPD is now being seen as a
fundamental to both stimulating and supporting economic growth. It is therefore a subject, which has received and continues to receive much
attention, particularly in seeking to improve its effectiveness and efficiency.”