why is product development necessary?
Companies cannot afford to stand still. They need to come up with new ideas (innovate) to survive in a very competitive commercial climate. Product development is a way of staying ahead of the market and the competition.
The starting point for product development may be:
- changes in consumer lifestyle – consumer attitudes, purchasing habits, tastes and preferences change over time
- to maintain or provide a fresh approach to a brand – all products have a product life cycle and need to be reviewed regularly with a view to revitalising or refreshing them
- to stimulate interest in a brand – to engage new consumers and retain loyal ones.
The original Cadbury Dairy Milk has been developed to create many new versions of the product, such as Cadbury Dairy Milk Bar of Plenty.
