Role of Product Development in Gaining of Market Share in B2B
Role of Product Development in Gaining of Market Share in B2B Introduction The ability of an industrial company to develop new products is crucial to its success. New markets and growth opportunities can be created through innovation and new product introduction. The growing international competition emphasizes the importance of a secure and accurate new product development process. Companies are realizing that customer satisfaction is essential to their success. As a result, companies must possess technical expertise, integration expertise, and market/business knowledge (Shepherd and Ahmed, 2000). Understanding the customer's needs and wants is essential to market competence (Lagrosen, 2001). Customer satisfaction and dissatisfaction are the two most important questions to ask. Despite the efforts of companies, many new product development projects fail and result in products that do not meet the expectations of customers (Matzler et. al., 1996). (Matzler and Hinterhuber, 1...