PRODUCT DEVELOPMENT – AN EXPANDING AND EVERLASTING PROCESS
Product development overlays the entire process of bringing a new product to the market. These products could be concrete or abstract.
The awareness of the customers with regards to their needs and wants of the competitive environment and of the nature of the market represents the top required factor for the success of the new product.
Focusing on the three basic variables, i.e.; cost, time and quality that drive the customers’ needs, the companies develop continuous practices and system to satisfy their requirements and to increase their own market share by developing new products on regular basis.
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The use of best practices and the eradication of the hurdles to communication are the main points of concern for the management of the new product development process.













