#1What challenges does a company face in developing new product and services?

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.

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

Identifying New Business Opportunities

Based on affordability, appropriateness and social sustainability. Eg. Selco Solar Pvt. Ltd.

Social, Economic and Government Constraints

New products must satisfy consumer safety and environmental concerns. They must also be resilient if economic times are tough.

Capital ShortagesIn order to generate many ideas to find just one worthy of development, a company faces high R&D, manufacturing and marketing costs.

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.