New product development
New products can take a very long time to develop. Firms will often refer to this as 'time to market'. Clearly, the longer this time is, the less likely the firm will be to gain a competitive advantage unless they can protect the product design or creative ideas through patents and copyrights. New product development (NPD) is crucial for firms, as existing products will eventually lose their appeal and demand will fall. New products are required to replace existing declining products, so that the firm can continue to grow. It is important, therefore, to have a range of new products in the pipeline at any time.
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