Crisis Prevention Starts with Product Development

Product development that is grounded in marketplace research is vital to the success of your business and the mitigation of a future crisis.

Governments, courts and businesses should work together to foster product development. Learn how the marketplace affects product development. When all three entities work together, the best new product development (NPD) can be fostered.

The best government will create just laws, fair measurements and the foundation for the development of businesses. Governments should protect ownership of intellectual property to encourage entrepreneurs to invest in NPD.

Laws are worthless if the judicial system does not enforce them. Legal inadequacy can make it impossible for entrepreneurs to invest in NPD because their intellectual property is not being adequately protected. NPD investment is not logical.

Governments and courts produce nothing. Therefore, they must understand their role in helping the marketplace foster NPD. Firms will take into consideration, the government and judicial protections before they invest in NPD. When the government and judicial protection is good, then NPD investment is most likely to be sanctioned.

New Product Development

University of Alabama at Birmingham