Why Is Product Development Important In Marketing?

Marketing Meeting

Product development is one of those aspects of a company that is extremely important to overall growth. Product development can make a difference whether a company is successful or fails.

Marketing and product development are intertwined and essential to a company’s success. A company needs to produce, manufacture or sell what people want to buy. Product development is the one driver that can help a company to be able to ensure that they continue to develop products and services that people want to purchase.

Marketing and Product Development Are Intertwined

Marketing and product development are intertwined and are at the heart of any business. If the product development has flaws, the product will not be well received, and it will not compete with other products in the marketplace; this will affect the marketing and profitability of the company.

A lack of product development will also affect the salesforce as they cannot sell the product. If the sales team cannot sell the products, they may leave the company and go to a competitor with newer and more exciting products.

Product development can affect not just the profitability of the company but also its sales and sales team. Product development is a core aspect of any company, and it is intertwined with the companies ability to be competitive in the marketplace.

Must Produce What People Want To Buy

To survive, a company must produce what the customers are looking for and what they want to buy. It means that a company must develop products that can sell in the market.

People’s tastes and requirements change over time. A great example of this is the movie and television industry. If most people are like me, you watch almost everything streamed from the Internet and do not watch movies on DVD or video.

An example of a company that did not understand this is the video rental store Blockbusters. At one time, Blockbusters were extremely popular in the United States; you could find Blockbusters in almost every city in every part of the United States.

Blockbusters completely missed the opportunity to remain a significant player. They felt that people would still want to come into their stores to rent the videos and not watch the shows online or have them mailed to them as Netflix was doing at the time.

Today there is only one Blockbuster store left in the United States. We learn from Blockbusters that you must offer, sell, or manufacture what the customers want to buy, or you will become obsolete.

Market Ever-Changing

The market is ever-changing, and as the market is ever-changing, this means that product development is now more critical than before. Customers demand new products, trends, and unique look more than ever before.

A company needs to be able to keep on top of product development and appeal to its customers and market by creating exciting new products. 

A company that understands the value of product development must continuously evolve to become better and keep in-line with the competition and ahead of them.

In our home decor and home furniture industry, product development is essential. Customers want to see new and exciting on-trend designs. The home decor and home furnishing industry is ever-changing for trends, colors, looks, and product development.

To survive in an industry such as the home decor and home furnishing industry, you must constantly develop new and exciting products.

Product Development Can Decide the Direction Of A Company

Another aspect of product development is that it can decide the direction of a company. If a company gets into the right market at the right time, it can make all the difference with their growth if they have the correct product. 

On the other hand, if a company does not have the correct product or has not developed the right product, it can slow its market growth.

Excellent product development choices can help a company grow. Bad product development choices can slow down a company’s growth and even cause the company to fail. 

In short, product development helps decide the direction of a company, whether the company is flourishing or failing.

If you are interested in seeing how Mondoro can help you – we would love to talk to you to see how we can help you.

Find out more about how Mondoro can help you create, develop, and manufacture excellent home decor and home furniture products – don’t hesitate to contact me, Anita. Check out my email by clicking here or become a part of our community and join our newsletter by clicking here.

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You can discover more by reading Tips Top 9 Benefits of Global Sourcing by clicking here.

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To find out more about Product Sourcing and Strategic Sourcing Explained, click this link.

Anita Hummel

Hi, I am Anita Hummel. I am the President of Mondoro. I am passionate about helping you CREATE, DEVELOP, and MANUFACTURE home decor and home furnishing products. I am also an avid blogger with a love of travel and riding my motorcycle around the streets of Hanoi, Vietnam.

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Why is Product Development Important In Marketing?