Smart marketers listen to customer feedback at this point so they can fix problems quickly. The time and cost involved in developing and bringing a new product to market varies. Many marketers prefer to speed new products to market before the window of opportunity ends. I. Managing the New Product Development Process 1. Going outside the organization is a good way of getting help for bringing out a new product.
Some marketers form strategic alliances with other companies to develop new products.
Suppliers are joining cross-functional teams to help marketers meet customers' wants and needs. Some are setting up venture teams to work only on new product projects. When these teams are isolated from the organization and operate outsider company channels, they are known as shunkworks. J. Applying Quality Function Deployment 1. QFD helps marketers define quality from the customer's perspective.