The development of new products is one of the activities that can be the most competitive for a country or a company. Still, it is necessary for the organization to have an integrated product development and market opportunity plan in place.
The management of the check here currently presents an orientation to the client, which is of vital importance to the move into the travel experience of the client before, during, and after the purchase of a product and more if we are talking about the introduction of new products.
Five Factors In New Product Development
In this way, we find that in this global market where early adopters continually demand new developments, operational efficiency and value proposition are two pillars on which companies support the development of new products (DNP). These two pillars depend on five factors:
Costs
This has to do with bringing them to their minimum value, as well as offering an optimal variety of products of similar design, the integration of suppliers, as well as automatic handling of the materials.
Quality And Reliability
They require a rigorous and disciplined development of the process and the product, as well as focusing on satisfying customer requirements and emphasizing quality tests and performance indices that guarantee the acceptance of products in the market.
Market Opportunity
This guarantees sufficient resources to initiate product development, constant surveillance of the market, and customer needs (market intelligence), as well as well-managed programs and responsibility for deliveries.
Innovation And Technology
It is a crucial factor that is supported by Technology Management following the product strategy, the effective administration of technology, and clear policies for investment in technology and employee training.
Flexibility
Flexibility to respond quickly to the opportunities that arise in the market, with facilities to adapt to the modifications that arise in the design of the product and to integrate new technologies that appear in the process.