what challenges does a company face in developing new product and services
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#1What challenges does a company face in developing new product and services?
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Generating a Well Defined Product Concept
• Identifying and assessing target market, product requirements and benefits.
• Establishing technological and marketing synergy & high quality of execution in all stages.
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Performing Incremental Innovation/ Promoting Disruptive TechnologiesGenerating new ideas to find hidden assumptions and ignored processes that can change the way a company does business. Eg. GORE-TEX
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Identifying New Business Opportunities
Based on affordability, appropriateness and social sustainability. Eg. Selco Solar Pvt. Ltd.
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Social, Economic and Government Constraints
New products must satisfy consumer safety and environmental concerns. They must also be resilient if economic times are tough.
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Capital ShortagesIn order to generate many ideas to find just one worthy of development, a company faces high R&D, manufacturing and marketing costs.
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Cut Short Development Time• Companies must learn to compress
development time with new techniques, strategic partners, early concept tests and advanced marketing planning.
• It is imperative to tackle poor launch timing and rivals who are quick to copy success.