NEW PRODUCT DEVELOPMENT STRATEGY Firm can develop product on two aspects 1. Acquisitions –buying the whole company. 2. New product development -in company's own R&D. Both companies and consumers are happy with the new product. But 90% of the product fails Reason: 1. Overestimating the market size 2. Poor design of the product 3. Wrong position in wrong place at wrong time. 4. Poor advertisement. To create successful product companies must understand its market requirements and competitors to deliver better value to the customer. To resolve it new product planning and product development process is required. NEW PRODUCT DEVELOPMENT PROCESS: STEP 1: IDEA GENERATION - · Systematic search for new ideas through internal and external sources. · Internal sources- includes R&D, executives, manufacturing and sales staff. · ...