Integrating Business Management Processes

Chapter 8

New Product Development

8.1 Introduction

With the globalisation of the world economy, companies are facing intense competition. Advances in technology enable consumers to obtain accurate information on products and services at the touch of a button. Therefore, consumers have become more knowledgeable, and consumer markets have become more difficult to satisfy and more susceptible to change. The key to staying in business in the 21st century in an ever-changing economic environment is to offer product quality, competitive cost, rapid delivery and flexibility. Although the innovative approach to the development of an enterprise can enhance flexibility and improve product quality, it can be time-consuming and uneconomical. Consumers ...