New Product Development and its Challenges and Opportunities. A Study in Karachi, Pakistan

Research Paper (undergraduate) from the year 2022 in the subject Communications - Public Relations, Advertising, Marketing, Social Media, grade: A*, course: Marketing, language: English, abstract: This study focuses on the challenges and opportunities from the customer's perspective on how a national company can gain the trust of customers and persuade them to purchase a newly launched and introduced product. A mix methodology is used, a survey questionnaire for the quantitative and semi-structured interviews are collected from the local market of Karachi, Pakistan. Findings of this study will be beneficial for the local companies who intent to launch new products, third party will be main stakeholder, however, this study can be useful for the individuals as customer. It is observed that enterprises face certain challenges in introducing and launching any new product in any market. Challenges are triggered by competitors, environment, and are provoked from unexpected sources.