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New Product Development
New product development

The product life cycle tells us that, eventually, all products will reach a peak of maturity and go into decline (unfortunately the product life cycle does not provide any time-scales for this process). Since products eventually become obsolete, firms need to develop new ones on a fairly regular basis. Equally, competitors will be trying to develop products that will increase their market share at the expense of other firms, so each firm needs to meet competitive challenges even when the existing products are perfectly acceptable to consumers.

Reactive new product development (NPD) is the approach taken by firms that simply respond to competitive initiatives, rather than responding to customer ...

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