Year of Award
Master of Business Administration (MBA)
College of Business & Professional Studies
growth, market, competition, innovation, distribution, development
New product development can be viewed as one ' of the most critical determinants in the long term survival of an organization. As many firms come to realize the importance of new product development, they move quickly to enter the market with a new product.
The danger lies in that organizations neglect to conduct sufficient research of the external and internal environment prior to introducing the new product. This results in a product with a very short lifecycle that does not meet customer needs, and which wastes corporate resources.
The importance of keen market and customer knowledge cannot be overemphasized as the foundation for new product development. In addition, an establishment of an internal structure will play a major role in the success of the new product program. Proper preparation for the new product effort is required for the organization’s investment to pay off.
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Bardenheier, Susan, "Factors in the Development of a New Industrial Product" (1988). All Theses, Dissertations, and Capstone Projects. 506.
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