Product development and product life cycle

Shorter product life cycle will force companies to speed up their product development process. As stated in The Marketing Plan Handbook, technology advancement enables competitors to leapfrogged each other with new models every few months. Hence, it is important for companies to speed up their product development, so they can launch their new product before their competitors grab their sales and customer relationships. While speeding up every stage of product development may not be possible, it is best to speed up as much processes as possible. For example, use of the latest prototype software will enable companies to produce design prototype in a shorter amount of time. By employing sophisticated analytic software, the companies will be able to analyze data to create more accurate segmentation plan. Technologies play a positive role in product development.