What risks do companies underwrite with new product development? Suggest some methods of reducing that risk.
Why do you think there are differences of opinion among marketing, financial and manufacturing executives as to when a product should be phased out?© BrainMass Inc. brainmass.com June 18, 2018, 9:20 am ad1c9bdddf
There are many risks involved with new product development. Here's a great article that lists many of the risks:
In order to reduce risk, the company has to ask questions and get answers among its employees, its customers and its management. These questions are a key part of strategic planning and can be conducted via several methods:
Strategic planning - whenever a company introduces a new product, they should conduct a SWOT analysis - SWOT stands for strengths, weaknesses, opportunities and threats. How does the new product perform in each of these areas, compared to the competition? How does the company plan if the product's technology is quickly surpassed or outdated by the competition? How can it protect itself from what ...
The 521 word solution is cited and informative in response to questions.