WHEN DECIDING WHETHER OR NOT TO LICENSE A NEW PRODUCT Given the popularity of licensing, many businesses today must face the question of whether to manufacture a new product itself or license the product to another company. Major factors entering into this decision are the nature of the product and...
New Product
WHY NEW PRODUCT DEVELOPMENT IS ESSENTIAL FOR BUSINESS SUCCESS Product development is the process by which a company does one of two things: 1) create an entirely new product that either adds to an existing product line or occupies an entirely new niche; 2) modifies or updates an existing product....
Most large corporations have departments responsible for research and development, engineering, and testing. In many cases, the budgets for these departments are astronomical, because new products development and the continual improvement of existing products and processes are among the most important challenging tasks of high performing, world-class businesses. In the...
One of the most difficult tasks facing the entrepreneur is forecasting demand for the new product or service, particularly if that product or service has never existed previously in the market place. Much of this difficulty is due to the lack of historical data and to issues of seasonality...
