Product Design and Development

The basic aim (purpose) of any organization is to produce products that customers are willing and are able to buy. This task is complicated by the dynamism of the environment in which the firm operates. Not only are customer needs, tastes and preference constantly changing, but competition and technologies also change sometimes making products obsolete. Most firms closely monitor shifting attitudes and demographics through market research and keep updated on technological changes that might affect their industry. The firm uses this information to create new products or modify existing products to keep the firm competitive.