Developing New Products

  1. Objective 12-2 Describe the new product development process.

To expand or diversify product lines—in fact, just to survive—firms must develop and introduce streams of new products. Faced with competition and shifting customer preferences, no firm can count on a single successful product to carry it forever. Even products that have been popular for decades need frequent renewal to keep up with changing technologies and shifting consumer tastes.

Consider one of the best-known brands in the United States, Levi’s jeans. Its riveted denim styles were once market leaders, but the company failed to keep pace with changing tastes, fell behind new products from competitors, and lost market share among 14- to 19-year-old males ...

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