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Businesses Pursuing New Product Development

With the aftermath of globalization, companies are carefully thinking about the best ways to extend their product and service offerings. Thus, product development strategy is critical for their success. Yet, many companies are in defensive mode and merely want to maintain a position in the market place.

However, staying in a holding position is a definite way for companies to be left behind. Innovative thinking that allows for product/service growth is a too sure way for sustainable success. In today's discussion, we will explore the importance of product development for the growth of businesses, especially in a competitive market.

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Launching into a new product deal is not easy. According to one market research, about 75% of consumer goods-packaged and retail products failed to get even $ 7.5 million during their first year. Harvard Business School Professor Clayton Christensen, the world's foremost authority on disruptive innovation, shows that the failure rate of new products may actually be as high as 95%. product failure rate associated with the amount of product is launched commercially but failed.

Businesses that want sustainable growth must develop new products and services often and consistently. Philip Kotler and Kevin Keller, authors of Marketing Management, "In an economy of rapid change, continuous innovation is a necessity. Highly innovative firms are able to identify and quickly seize new market opportunities."