New product development is the development of original products, product improvements, product modifications, and new brands through the firms own R and D efforts (Kotler and Armstrong 2010).Development and launch of successful new products is one of the most critical yet, most challenging taskmanagers face (Hauser, et al 2005). From a strategic point of view, new products well attuned to the voice ofthe customer, with perceived technical superiority, developed within budget and launched ahead of the
competition provide real competitive advantages for the firm (Nikolaoes, et al 2004).