The process of taking a product or service from conception to market is known as new product development (NPD). It outlines a series of stages that new products typically go through, beginning with ideation and concept generation and ending with the product’s market introduction. Depending on the nature of the business, some of the stages […]

What Is Innovation? An innovation is an idea that has been transformed into practical reality. It can be anything new – or different – that changes the game for YOUR company, filling an untapped customer need and building a new market. Innovation does not always imply the creation of something new: innovators frequently improve, change,

The term “lean manufacturing systems” refers to the most recent manufacturing methods that maximize value while minimizing waste. It is designed to improve any company’s manufacturing line with a strong emphasis on waste reduction or elimination. When wastes are reduced, the quality of the products or services improves, so do the production time and cost

Having a competitive advantage over other businesses targeting the same market as yours is a basic, survival must: many choose to develop long-term relationships with their customers, in an attempt to create such competitive advantage. Knowing your customers is crucial, and it is quite a different thing from knowing their buying behavior. It is every