Editing New product development (section)

=== Use in turbulent times ===
In difficult economic times, it is even more important for companies to focus on innovation and new product development.<ref>{{Cite web|date=2020-10-18|title=Why innovation is crucial during a crisis|url=https://www.capgemini.com/2020/10/why-innovation-is-crucial-during-a-crisis/|access-date=2022-02-25|website=Capgemini Worldwide|language=en-US}}</ref><ref>{{Cite web|title=Innovation in a crisis: Why it is more critical than ever {{!}} McKinsey|url=https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/innovation-in-a-crisis-why-it-is-more-critical-than-ever|access-date=2022-02-25|website=www.mckinsey.com}}</ref> Oftentimes, such situations result in a short-sighted focus on cost-cutting and a reduction in spending on new products. However, companies that are able to innovate and create new products will be better positioned for the future.

Although counter-intuitive,{{why|reason=Why is new product development in tough times counter-intuitive?|date=April 2025}} tough times may even call for a greater emphasis on new product development. This is because companies need to find ways to meet the changing needs and tastes of their customers. Innovation can help a company become more competitive and better positioned for the future. By using a variety of methods, such as virtual product development and 24-hour development cycles, companies can reduce the cost of new product development and improve their chances of success.