Product
development is creating new kind of product from the existing product or
improving and modifying the exciting product. With the help of product
development, the product can be actually innovated as per end-user requirements
and improved in such a way that the demand of the product start increasing as
well as the profitability also increases.
Product development can be said as the fuel of any company. There is always tough
competition in the market among the competitors and rivals. Everybody exists in
the market to earn profitability. To earn profit the company takes many
strategic steps. They decrease the cost price, use of low cost raw materials,
modification in the product etc. To sustain in the market there should be
certain amount of product development at a certain time interval. This brings
continuity to the product.
