Factors That Influence Product Development

Factors That Influence Product Development

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Product development plays an important role in the implementation of both corporate and marketing strategy and the development of new products should involve all the elements of a business. Bringing a successful product to the market is a team effort, but product development is not easy, especially engineering product development in particular is a very complex and variable process with threats to success emerging at many points along the way. Because of high rate of failure, it is necessary that firms develop systematic procedures for identifying and screening new products’ development.

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