THE IMPACT OF NEW PRODUCT DEVELOPMENT IN AN ORGANIZATION

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ABSTRACT

Product is a very important part of the marketing mix, and consumers want and satisfaction serve as the yardstick for creating it. Hence products must be designed with the market’s need in mind. This essay writing intends to look at the basis for planning changes in marketing strategy which allows a management to take a corrective course of action. As a matter of fact, products like human beings have life span and they can die. The danger in the death of an organization product is that it could result to the closure of the organization business operations. In the light of this, it is therefore a necessity for organizations to adopt the new product in order to remain in business and have a sustainable and a new market.

TABLE OF CONTENT

Title page i

Declaration ii

Approval page iii

Dedication iv

Acknowledgement v

Abstract vii

Table of Contents viii

CHAPTER ONE

1.1 Introduction 1

1.2 Objectives of the Essay 5

1.3 Significance of the Essay 6

1.4 Scope of the Essay 6

1.5 Limitations of the Essay 6

CHAPTER TWO

Literature Review 8

2.1 The Cost of Production of a new product 33

2.2 The Meaning of a new product 36

2.3 The Need for a new product development 37

2.4 The product development stages 37

2.5 The product life cycle and new product 40

CHAPTER THREE

Summary, Conclusion and Recommendations

3.1 Summary 43

3.2 Conclusion 44

3.3 Recommendations 45

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THE IMPACT OF NEW PRODUCT DEVELOPMENT IN AN ORGANIZATION

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