Product Development
Keywords:
Product, Development, International Products, Global Innovation, Customer Requests.Abstract
Product development is one of the most common strategies adopted by the companies and firms in a competitive environment. It involves creating a new product or rebranding the existing one to fit the requirements of the business surrounding. There are several factors any management of the company should consider before implementing this strategy. Any firm should first analyze the impact of other related agents or the influence the plan will have on the enterprise. This paper tries to investigate if there is a significant relationship between product development and the independent factors such as global innovation, international products, customer requests, and production technology. The model is based on the primary data. The results reveal that all these explanatory variables have a significant connection with a response parameter. Moreover, the results show that there is a significant correlation between the dependent variable and the independent one. Therefore, this essay recommends that the management of any firm should consider the effects of these agents before implementing the product development strategy.
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