Traditionally, novel products have provided immense opportunities for the society and firms to connect and provide value-added commodities. Selecting the appropriate item for the organization and its clients, nevertheless, may not be an easy task. Studies have shown that successful management boards of directors and other leadership teams typically establish and mitigate threats prior to considering and introducing fresh products. When risks are not clearly identified and mitigated accordingly, the unintended results might be costly and disastrous. Organization that successfully locates and launches new items typically maintains documented and auditable process to direct their decision-making process. In practice, this implies that the management team must develop and adhere to the policies and procedures that guide the process of introducing a new commodity (Henry 2008). The stakeholders must also document decisions appropriately and ensure that all the operations within the firm coordinate appropriately. New commodity development is a complex task and can generate undesirable consequences. If changes are executed without careful consideration of all environmental dynamics, cost overruns, delays and other setbacks can adversely affect the prosperity of the commodity. On the same notes, the marketing team must deal with the various regulations and standards that govern the field. In the modern competitive business environment, market players are always trying to identify ways that can help them increase their returns. As the various industries grows and expand a number of novel commodity options continue to be launched in the market. Numerous of the fresh items are highly innovative, escalate efficiency and enhance the overall returns. Executed accurately, adding a new product can generate a significant impact to the performance of a firm. Similarly, incorrect product launch might indicate the beginning of a disaster that can eliminate the profit margins, staff motivation and reputation (Bowman & Gatignon 2010).
