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Product development and commercialization
Product development refers to the process of creating and designing new products to provide value additions to the customer. It refers to all the stages involved in getting a new product to the market. Product development may increase market share, enhance profit margins as well present opportunities to enter new markets.
It is essential that organizations have a thorough understanding of customer needs and wants along with understanding of the competitive environment for the new product to be successful. It is also important that raw materials and suppliers are identified in conjunction with procurement and that production technology is integrate into the best supply chain flow for the given combination of product and market.
The customers and suppliers need to be integrated into the product development process so as to ensure that there is a reduction in the time taken for the finished product to be available in the market. In order for organizations to be competitive, it is vital that the appropriate product is manufactured and successfully launched within the time schedules.
