Write a 7 page essay on Product development.Download file to see previous pages... Product development process is basically an introduction of a new product which every company has to go through at a

Write a 7 page essay on Product development.

Product development process is basically an introduction of a new product which every company has to go through at a certain point of time. Individual’s needs and wants change with time, therefore it is essential for the organization to tailor an existing product or develop a new product in accordance to those needs. Aims and Objectives: The aim of the research would be to find out whether product development is the best way to gain competitive advantage and in doing so achieve the following objectives: Impact of product development in the current fast-moving environment. Identify how product development can result in higher market share. Background and Methodology Presently, competition has increased so much that it has become essential for every company to gain a competitive edge over its competitors by adopting various strategies and methods. The purpose of this study is to find out the role of product development in achieving competitive advantage and increasing company’s market share. This research will be based on secondary data, where I would be going through various research reports, working papers and publications on product development. Literature Review: Though developing a new product is not at all an easy task to do, but to succeed and maintain your position in the industry, it is essential to build up a new product line. To do this, it is important to conduct a detailed survey in order to come up with a product that perfectly meets the requirements of your target market. Mark Abraham has defined product development as a process of creating and altering products delivered to the consumers and doing variations that are significant and demanded by the customers. He further said that an item can never be considered a product until it is not delivered properly. Therefore, the process of product development also includes various departments like marketing, testing, technical, quality service and many others within the organization. As mentioned earlier product development is a complicated process and the positive result can only be achieved if this process is broken down into various steps and each step is successfully completed. New product development not only helps meet the needs and wants of an individual which in turn increases company’s overall sale but also helps maintain its competitive position. (Mark Abraham, 2011) In another study which was conducted by Khade and Alan it is said, companies in order to gain competitive advantage should offer customers with what they demand and at a cost they are willing to pay for it. Competitive advantage can be gained by different means but two most feasible methods include: utilizing experience curve and through product development or innovation. The intelligent use of both these methods can help in achieving a competitive advantage. When does a company have competitive advantage? It is when a company is ahead of its competitors in terms of quality products, profit and attracting consumers. This can be done by producing superior products, providing excellent customer service and attaining lower cost. All this come under the process of product development. In today’s fast changing environment, it is difficult for the organizations to cope up with the growing needs of the people. Therefore, only organizations that are successfully able to meet these needs by developing new products are able to sustain their position in the market. (Khade, Alan S,2003) Presently, there are so many companies in a single industry that it has become difficult to compete.