Technology and competition have made it inevitable for the new product development to be one of the most business strategies. The environmental, financial and social factors affect the growth of an organization immensely. This has also forced the companies to do something out of the box or innovate with speed and efficiency. Change is the only way through the downfalls and the recently released products of a company buy the best popularity. In short we could say that new products or services are the blood of business. Let’s admit the word new sounds exciting and mysterious, too. New products are any product or service that is recently marketed by the company or at least give a touch of new to the customers. Let’s take Apple’s personal communicator for an example. Many people have either never seen it or heard of it. This is going to change the behaviour of the customers towards the company plus gives Apple a chance of being help higher than before again in the markets. Market statistics reveal that there is a failure probability with the increase in the new product launch. Around 50 – 80 percent of the failure has been recorded in the recent years. Many organizations have come in front of the crowd to help initiate a new beginning. Innovations not only act as a milestone in the society but also prove to be the life changer.
Analysis of opportunity:
Children and youngsters are the custodians of the future. They need to be guided well in investing honestly and smartly. Child and Youth Finance International is a non-profit organization that is dedicated to improving the financial conditions or capabilities of children. Many financial institutions, organizations etc. have actively participated in the movement. Children are given complete support in helping them to use the money wisely. Children are given the leverage of having a savings account and many children who are not financially well–off started saving smaller bits of money in their respective accounts (Trott, 2008). This money grew with time and gave them the chance of using it at emergency cases. There are also young people who do not have financial capabilities in order to open a business and they are given the knowledge about how they could use minimum amount of money and invest them smartly in the business. This smart product and service made the life of many simpler and faster. Money used to be kept in the piggy banks now are kept in real banks in real bank accounts.