For the development of new products, the company must be well prepared to be able to correctly estimate and respond to any changes in the orientation of consumer interest, technology and competition. Each product has its life cycle - it is born, goes through several stages and eventually ceases if a newer product comes in that can better meet the needs of consumers.
Rapid changes in industry, technology and competition make it impossible for a company to stick to an existing manufacturing program. Customers want and expect new and superior products.