Landmarks Website Goes Interactive

Managing New Product Development

“…Turbulent times like recession and economic downturn bring new challenges to new product developmentandinnovation (Hausman&Johnston,2014).Managementsofcompanieshesitateto investininnovationduringturbulenttimesbecauseofuncertaintiesandfinancialdifficulties (Liu, Deng,Wei,Ying,&Tian,2019).Itisnaturalforcompaniestoreduceinvestmentsforinnovationand newproductdevelopmentduringturbulenttimes (Rigby,Gruver,&Allen,2009).However,companies cannotsustaininthecompetitioninthelongrunwithsuchshort-sightedstrategies.Itispossible forcompaniestohavefinancialgainsintheshortrunbyadoptingsuchstrategies.However,inthe longrun,acompanybecomeslesscompetitiveoncetheeconomicdownturnorturbulenceisover (Hayes,2009).Expertsareoftheopinionthatcompaniesshouldinvestmoreininnovationandnew productdevelopmentduringtoughtimes.Duringthesetimes,companiesshouldfocusonaligning their marketing strategies and offerings with changing consumer needs and tastes (Hayes, 2009;Rigbyetal.,2009).Turbulenttimesprovidecompanieswithanopportunitytofocusoninnovation andexploreoptionswhichcompetitorshesitatetodo,andconsequentlytobecomemorecompetitive andtopositionthemselvesbetterforthefuture.…”