Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

How does new product development fit into our overall business strategy?

April 26, 2017Business fit overall product development strategy

0

Posted

How does new product development fit into our overall business strategy?

1 Answer

0

Posted

New product development is an essential part of your business strategy. Although new product development carries risks, not developing new products is even riskier: over time, competing products will outperform and you will lose customers. Plan for new products on a scheduled basis. Look for opportunities to extend the lives of existing products: for example, by repackaging or adding new features. Don’t wait for competitors to launch their new products before you start working on yours.