Abstract


In business, product development is the term used todescribe the complete process of bringing a new product or service in themarket and its an ongoing practice in which the entire organization is lookingfor opportunities as new products provide growth promise to organizations thatallow them to strengthen their market position There are two parallel pathsinvolved in the new product development process: one involves the ideageneration, product design, and detail engineering; the other involves marketresearch and marketing analysis. Intense global competition, short product andtechnology lifecycles, unpredictable consumer buying patterns and possiblemarket stagnation makes new product development a critical activity in mostbusinesses. This paper explores the new product development process and at thesame time sketch outs the product development procedure in reality whereconsideration of real life situation and consumer insight are the main concern.The paper findings also highlighted the importance of top managements supportduring new product development phases as well as creating an innovative culturewithin an organization, so new product ideas can be generated from variouslevels in the organization.


Introduction


The need to create customer-relevant businessprocesses is an intermittent theme in marketing-particularly those dealing withthe nature of marketing, competitiveness and strategies. Todays successfulfirms learn and re-learn how to deal with the dynamics of consumers, competitorsand technologies, all of which require companies to review and reconstitute theproducts and services they offer to the market. This, in turn, requires thedevelopment of new products and services to replace current ones. The productdevelopment process passes through different phases research and development,pre operations, fully operations, maturity, decline and terminal decline. Theproduct can satisfy the market needs and is sufficiently differentiated fromcompetitors at price that will provide contribution to overheads. We can nolonger ignore safety and environmental impact of our product. The business planshould provide guidance on likely areas for product development and incircumstances will constraints development or at least provide a strategicmethod of comparing opportunities. The minimum risks are based on five methodsof constraining risk through the life of development that is re- check marketneeds, criteria for the product, development and operation are affordable,project management that is employed to deliver the product to expected criteriaand all one via a programme management process.



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The author is studying M. Sc. in Applied Textile Management at University of Bors, Sweden, Department of Textile Engineering, Primeasia University, Dhaka, Bangladesh