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New product development importance

Why is it important to develop new products? Appraise how each of the criteria could be used to develop the new product (Product differentiation, Design, Service differentiations).

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Why is it important to develop new products? Appraise how each of the criteria could be used to develop the new product (Product differentiation, Design, Service differentiations).
It is important to develop new products because a consumer's mind is constantly changing. Further, our economy is constantly changing and therefore the needs and wants of consumers will change due to the change in their incomes. "Product development is a tool used to open new markets, expand sales of current product categories, reposition a company and/or improve profitability. Product development centers its efforts on utilizing an organization's existing skills sets in a way to expand their market presence and ...

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This solution assists in deciding what criteria should be used to develop a new product.

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