Question

Consider a new smart phone as a product, justify the benefits of new product Development in this case.
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Answer 1

Explanation:

hlo mate here's your answer

The Business Justification for Product Development

Small manufacturing businesses are having to compete in extremely tough trading conditions. The everyday business of getting orders in, shipping products out, chasing payment and maintaining cash flow are challenging enough. Meanwhile globalisation and cheaper labour costs elsewhere, have added further pressures. Some small manufacturers have responded by becoming leaner and reducing their operating costs and this is a great start. However, for any sector, only one company can be the cheapest.

Nevertheless, to really compete, fight back and ultimately thrive, the best small businesses have had to innovate. They have made a conscious decision to do things differently and better. Developing new products provides a means to target new markets, increase market share, sell more and increase revenue streams. Meanwhile redesigning existing products enables costs to be cut, margins to be increased and ultimately more profits to be made.

I hope its help you mark as brainlist

Answer 2

Answer:

As Smart phone is our product

We need to develop it by adding new features in software as well as its hardware

By doing these we can get high demand for our product

So you can raise the price when there is high demand

Hence you get more profit