Factors contributing to new product development, Marketing Management

Assignment Help:

Factors contributing to new product development:

Several factors contribute to the new product development, while most are related to the external environment variables, the most important internal factors in the new product development is the surplus capacity that a firm may have at any given time.

Changing customer preferences: the driving force in the new product development is changing customer life styles, leading towards a change in the customers' preferences and expectations. The changing role of women, growth in the nuclear and stand alone families' increasing in education and income levels, and a manifold increase in the electronic media also contributes towards changing customer's expectations and preferences.

Technological changes: another factor is the technological in the industry and the market. For example, if Mrs. India Gandhi's government has not decided to expand the television network to cover 70 % of the India population, launched its own satellite INSAT IB and started colour telecast in 1982. It is extremely doubtful if many of today's products would have seen the light of the day in the Indian market.

Government policy: Government policies can also encourage or foster new product development processes. For example, a government policy encouraging competition can motivate firms to launch new products.


Related Discussions:- Factors contributing to new product development

Marketing micro environment, Micro environment: Micro environment refers t...

Micro environment: Micro environment refers to the company's immediate environment, those environment factors that are in its proximity. These factors influence the company's non

Buying situation, #questexplain buying situation change in the purchase of ...

#questexplain buying situation change in the purchase of following products and services ?a computer system ion..

Marketing mix, place/distribution is a crucial aspect of the marketing mix....

place/distribution is a crucial aspect of the marketing mix.discuss this marketing mix variables and how attention to its (place)is necessary despite the fact that it increases the

Develop a quality management plan, XYZ Limited, finalist for the European Q...

XYZ Limited, finalist for the European Quality Award (EQA), has doubled its share of the quality carpet sector in recent years and now holds over 10 per cent of the world market fo

What is the importance of customer care, Question: When the customer pa...

Question: When the customer pays for a product or service, it is assumed that the product will work correctly or that the service received is as promised. Ideally, the customer

Promoting materialism, Advertising is frequently criticized for its excessi...

Advertising is frequently criticized for its excessive persuasiveness. It creates unnecessary want for the products which buyers don't need or can't afford. Occasionally by promoti

Market segmentation, Market Segmentation This provides to the procedure...

Market Segmentation This provides to the procedure of breaking the mass market up into discernible subgroups, where each subgroup has obvious demographic and another identifiab

Market segmentation, Q.   Explain market segmentation?  Tell need to segme...

Q.   Explain market segmentation?  Tell need to segment the markets? O R Clarify th e term market segmentation & briefly explain the need to segment the market? A

Market segmantation, what are the reasons for market segmentation and its a...

what are the reasons for market segmentation and its advantages

Rapid globalisation, how is rapid globalisation a challenge in the 21st cen...

how is rapid globalisation a challenge in the 21st century.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd