A Study on Impact of Product Development in Organic Industry

Abstract

New product development is the main factor for an organisation to achieve success and be a competitor for other organisations. Organizations these days are under pressure to develop new products and services and the processes necessary to produce and deliver them. Two of the major causes for this increased emphasis on developing new products are increased competition and advances in technology. The objectives of the research is to know about product development, to know why and how the products are made, to analyze the stages involved in product development and to know the benefits of developing new products. Descriptive research is used in this study  to accurately portray the characteristics of an individual. Convenient sampling method is used in the study to collect the samples. Questionnaire is used to collect the primary data and secondary data is collected from various reports and journals. 3030 samples are collected. Independent variables are age, monthly income and educational qualifications. Dependent variables are preference towards investment avenues and factors to be considered before investing. Statistical tools used are Chi Square. So, developing a new product shouldn’t feel like you’re fighting in the dark.  New product development drives growth. The authors in this study focus on finding whether people are aware of the process of development of new products through a well structured questionnaire framed by the researcher put forth among the general public. The paper is structured into three parts. First part provides an insight on the topic. Second part traces the stages involved in product development and the third part provides detailed information about.