New Product Development:
New product development is a process that is designed to develop, test, and consider the viability of products that are new to the market in order to ensure the growth or survival of the organization. This process starts with idea generation and continues till pricing. The flow chart of new product development is given below.
Flow Chart of New Product Development
Concept Development and Testing
New Product Pricing
New product development is one of the riskiest, but most critical strategies in any competitive industry. Many companies have built competitiveness and obtained tremendous profits through new product development. Global competition in the textile and apparel industry has become more intense due, in part, to the changes in the regulation of world trade. To compete in the future of textiles and apparel, firms will need to be innovative, while reducing cycle times and cutting costs. New product development methods will contribute to or enhance the marketing of innovative products. The purpose of this paper is to review the nature of new product development and explore diverse NPD processes identified by previous researchers. This paper will also introduce several examples of new product development process models and strategies of companies and products in the textile industry.
Global competition in the textile industry has become more intense due, in part, to the changes in the regulation of world trade. To compete and survive in the future of textile. Firms will need to be innovative in new product development while reducing cycle times and cutting costs. Indeed, in a time competitive environment, companies will be most successful if their development times are shorter and if their products are generated faster than their
competitors. More textile and apparel companies have been forming strategic alliances in order to reduce time and improve flexibility and responsiveness.
Author of this Article: Mayedul Islam Merchandiser at Fashion Xpress Buying House. Badda, Dhaka, Bangladesh. Email: [email protected]