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Executive Summary
Misfortunes can happen to some very good products. One of the major reasons for such mishappenings, is that companies and organizations fail to realize the importance of a well-planned process of new or existing product development. They do not acknowledge that “ change is the only constant thing in this world” and as trends change it is important to change their products along with it too.
Companies have several objectives in introducing new products: sales, profitability, less dependence on one product or product line, use of an existing distribution system, use of waste materials from current production, image and maintenance of a balanced portfolio of products.
New products, are the lifeblood of companies. When firms do not change their product mix; to meet the requirements of changing consumer desires, government regulations completion and a host of other factors: market share and profits usually decline .The life of a new company often depends on how it conceives, produces and markets new products.
A new product passes through various gates beginning from Idea Generation Gate where ideas are systematically searched and screened towards the Feasibility Gate where attractiveness of ideas are evaluated on various grounds.
Attractive ideas must be developed into a product concept at the Capability Gate. Finally, after going through the test marketing process the product is finally launched in the market. This is the Launch Gate. After the launch of a new product or implementation of a product change, progress must be tracked at Post Launch Gate, which is the concluding gate of the Product Development Process.
Thus, likelihood of success of a new pr ...