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Product Development and Market Governance
Abstract
Product development and its management in the competitive marketplace have become one of the principal determinants of performance of firms. In product conceptualization, customer requirements play a crucial role. In the competitive and globalized business environment, one decisive factor for a company to out-perform its competitors is its ability to incorporate customer preferences in new product development projects. This chapter discusses the role of systems thinking in developing new products and establishing an effective performance measurement system in the firms. Various perspectives of product innovation, performance criteria, customer-centric product development, and managing products in the bottom line markets have also been discussed in the chapter. The factors influencing strategic positioning of products in competitive markets that are required in creating a market-focused approach are also deliberated in the chapter.
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