Home » New Product and Service Development and Process Selection
Advances in Technology
Rapid advances in technology are causing many products to become obsolete more quickly For example microcomputer chip technology has significantly reduced the size of cellular pones while at the same time expanding their capabilities Cell phones in Finland flit are now equipped with smart cards which actually allow purchases to b trans through the phone the co t of the purchase b
Why the Emphasis on New Goods and Services
As the world becomes a single global economy most firms have seen a significant increase
in foreign competition in their respective markets. The reasons for this increase in foreign
competition are many including.
Advances in telecommunication technology such a the Internet which now
provides connections to literally every corner of the world.
A trend to lower trade barr
Managerial Issues
A fact of life for most companies and their managers in today's highly competitive environment is that product life cycles are becoming shorter and shorter In order to remain competitive and retain overall market share within their respective industries managers the reforge need to focus their resources on developing new products and bringing them to market more quickly and efficiently-and
New Product and Service Development and Process Selection
Chapter Objectives
Illustrate the importance of the development of new products and
services to a firm’s competitiveness.
Identify the various types of new products that are developed by
companies.
Introduce the new product design process and the concept of a
product’s life cycle.
Demonstrate the necessity of concurrent product and process
de
