1. Why do you feel that new product and service process development is important for firms? Explain. New product and service process development is important for firms to remain competitive in today�s market. Today, markets are more global in far reaching than that of markets even 20 years ago. India is just has become a player in certain service markets. We are no longer just competing with other companies within the US, we are now competeing with everyone in the world. Consumers are always changing what they want. The ability to have a cheap, fast, quality way to adapt our products to consumer needs is critical. I always find a certain industry very embracing of these core concepts to product development. The shaving industry is very adapt at this process. No, this is not a joke. 10 years ago, a men�s razor had 1�.maybe 2 blades on it. But what the industry found out from it�s consumer�s is that they wanted more blades for a closer shave. Quickly, Gillette jumped at the chance and added another blade for a three blade razor, Sick the created a 4 blade, and Gilette ......

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