In business, product development is the term used to describe the complete process of bringing a new product or service in the market and its an ongoing practice in which the entire organization is looking for opportunities as new products provide growth promise to organizations that allow them to strengthen their market position There are two parallel paths involved in the new product development process: one involves the idea generation, product design, and detail engineering; the other involves market research and marketing analysis. Intense global competition, short product and technology lifecycles, unpredictable consumer buying patterns and possible market stagnation makes new product development a critical activity in most businesses. This paper explores the new product development process and at the same time sketch outs the product development procedure in reality where consideration of real life situation and consumer insight are the main concern. The paper findings also highlighted the importance of top managements support during new product development phases as well as creating an innovative culture within an organization, so new product ideas can be generated from various levels in the organization.
The need to create customer-relevant business processes is an intermittent theme in marketing-particularly those dealing with the nature of marketing, competitiveness and strategies. Todays successful firms learn and re-learn how to deal with the dynamics of consumers, competitors and technologies, all of which require companies to review and reconstitute the products and services they offer to the market. This, in turn, requires the development of new products and services to replace current ones. The product development process passes through different phases research and development, pre operations, fully operations, maturity, decline and terminal decline. The product can satisfy the market needs and is sufficiently differentiated from competitors at price that will provide contribution to overheads. We can no longer ignore safety and environmental impact of our product. The business plan should provide guidance on likely areas for product development and in circumstances will constraints development or at least provide a strategic method of comparing opportunities. The minimum risks are based on five methods of constraining risk through the life of development that is re- check market needs, criteria for the product, development and operation are affordable, project management that is employed to deliver the product to expected criteria and all one via a programme management process.
The author is studying M. Sc. in Applied Textile Management at University of Bors, Sweden, Department of Textile Engineering, Primeasia University, Dhaka, Bangladesh