Marketing

Explain Constant Product Development

Explain Constant Product Development

Product or service development may involve modification of the existing product or it is presentation, or formulation of the entirely new product in which satisfies a newly identified customer want or market niche. In business as well as engineering, Constant product development may be the complete process of bringing a new product to market. New product development is described from the literature as the transformation of a market opportunity into a product available for purchase and it can possibly be tangible or intangible just like a service, experience, or notion. A good understanding associated with customer needs and would like, the competitive environment and the nature of the market represent the top required factors for the success of a new product.