Explain Constant Product Development

Product or service development may involve modification of the existing product or it is presentation, or formulation of the entirely new product in which satisfies a newly identified customer want or market niche. In business as well as engineering, Constant product development may be the complete process of bringing a new product to market. New product development is described from the literature as the transformation of a market opportunity into a product available for purchase and it can possibly be tangible or intangible just like a service, experience, or notion. A good understanding associated with customer needs and would like, the competitive environment and the nature of the market represent the top required factors for the success of a new product.