Product Development is Waste Money Essay Example | Topics and Well Written Essays - 1000 words

Product Development is Waste Money - Essay Example "Innovate or die" has turned out to be public meetings cry at small and large businesses as more and more consumers demand the newest and the best products. That is why product development, that is discussed in this essay, is very important these days. New products, whether they take the shape of innovations or entirely new goods, and new applications are an important module of business success. At trade shows, the opening sentence of a customer is, 'What's new?' Every year you have to elevate the gamble. If you were not to do it, you would be left in the dirt†. There are eight steps and three main factors, such as marketing strategy, organizational factors and market research, that are involved in the product developmente were explained in this essay. Frequently, the product development turns out to be a failure and a huge amount of money of the company is sunk. That is why effective pricing strategy requires an excellent understanding of the market, consumers and their needs, and bussiness itself. Developing a customer association management structure that enables all parts of the organization to contribute to each other and read between the lines of customer information is a way to successful product development. In conclusion, author of the essay states that price is the most important component in the marketing mix (next to the item for consumption, of course). From the marketer's standpoint, an effectual price strategy is one that puts up the shutters to the greatest that customers are willing to pay.