The services or products that an organisation sells need to change as the market and demand for these develops as new technologies impact what is possible and new regulations increasingly determine how businesses are to be run. The pace of this change continues to increase so for organisations to survive and grow in this environment products need to become more powerful and responsive.
Types of product development
- Client driven change - listening
- Stickiness/efficiency improvements - making clients lives easier
- New initiatives and services - traditional product development
- New routes to market - both technical and commercial
- New Markets for existing services
- Marketing and advertising