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New product development for new business – the critical success factor / Nordayana Zulkifli

Developing new product is a risky and uncertain process. In order to reduce the risks and uncertainties, businesses need to evaluate their new product initiatives carefully to make accurate decisions. Although the outcome of a new product evaluation decision can be influenced by the environmental un...

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Main Author: Zulkifli, Nordayana
Format: Article
Language:English
Published: UiTM Cawangan Negeri Sembilan 2022
Subjects:
AP Periodicals
Business education
Online Access:https://ir.uitm.edu.my/id/eprint/74337/1/74337.pdf
https://ir.uitm.edu.my/id/eprint/74337/
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spelling my.uitm.ir.743372023-03-20T03:12:24Z https://ir.uitm.edu.my/id/eprint/74337/ New product development for new business – the critical success factor / Nordayana Zulkifli Zulkifli, Nordayana AP Periodicals Business education Developing new product is a risky and uncertain process. In order to reduce the risks and uncertainties, businesses need to evaluate their new product initiatives carefully to make accurate decisions. Although the outcome of a new product evaluation decision can be influenced by the environmental uncertainties that are beyond a company’s control, companies can successfully improve the accuracy of their new product evaluation decisions. Understanding the market and its dynamics from previous cases regarding the market, firms can make two types of erroneous decisions when evaluating their new product ideas. First, they might decide to pursue a potentially unsuccessful new product idea. Second, they might decide not to develop a potentially successful new product. In either case, firms face big losses, while the former leads to investment losses the latter leads to missed investment opportunities. It is very crucial for any business to forever believe that the marketplace is never static: it is dynamic and fast-changing, and demand for products is constantly shifting as needs, wants, and technology all change. As a result, companies must always evaluate their existing product line and look for ways to ensure that it is up to date and in line with consumer desires. Continuous decisions must be made about whether new products should be added. UiTM Cawangan Negeri Sembilan 2022-06 Article NonPeerReviewed text en https://ir.uitm.edu.my/id/eprint/74337/1/74337.pdf New product development for new business – the critical success factor / Nordayana Zulkifli. (2022) Planet MASMED (1). ISSN 2805-5535
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic AP Periodicals
Business education
spellingShingle AP Periodicals
Business education
Zulkifli, Nordayana
New product development for new business – the critical success factor / Nordayana Zulkifli
description Developing new product is a risky and uncertain process. In order to reduce the risks and uncertainties, businesses need to evaluate their new product initiatives carefully to make accurate decisions. Although the outcome of a new product evaluation decision can be influenced by the environmental uncertainties that are beyond a company’s control, companies can successfully improve the accuracy of their new product evaluation decisions. Understanding the market and its dynamics from previous cases regarding the market, firms can make two types of erroneous decisions when evaluating their new product ideas. First, they might decide to pursue a potentially unsuccessful new product idea. Second, they might decide not to develop a potentially successful new product. In either case, firms face big losses, while the former leads to investment losses the latter leads to missed investment opportunities. It is very crucial for any business to forever believe that the marketplace is never static: it is dynamic and fast-changing, and demand for products is constantly shifting as needs, wants, and technology all change. As a result, companies must always evaluate their existing product line and look for ways to ensure that it is up to date and in line with consumer desires. Continuous decisions must be made about whether new products should be added.
format Article
author Zulkifli, Nordayana
author_facet Zulkifli, Nordayana
author_sort Zulkifli, Nordayana
title New product development for new business – the critical success factor / Nordayana Zulkifli
title_short New product development for new business – the critical success factor / Nordayana Zulkifli
title_full New product development for new business – the critical success factor / Nordayana Zulkifli
title_fullStr New product development for new business – the critical success factor / Nordayana Zulkifli
title_full_unstemmed New product development for new business – the critical success factor / Nordayana Zulkifli
title_sort new product development for new business – the critical success factor / nordayana zulkifli
publisher UiTM Cawangan Negeri Sembilan
publishDate 2022
url https://ir.uitm.edu.my/id/eprint/74337/1/74337.pdf
https://ir.uitm.edu.my/id/eprint/74337/
_version_ 1761622361838190592
score 13.211869

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