The Impact Of Covid-19 Crisis On Product Development - An Analytical Study

Abstract

Product development is the backbone of every company, but since 2019 and due to the covid-19 pandemic made it challenging to keep products relevant and evolve quickly. In this respect, the main purpose of this paper is to examine the effect of the COVID-19 pandemic on product development by covering some of the aspects this crisis has inflicted on product development and to determine how the pandemic has changed the way organizations approach product development. Information is collected through a content analysis of the different research resources related to the subject. According to the literature review and analysis results, it has been revealed that during the Covid-19 pandemic, which emerged unexpectedly and affected the world, brought along economic slowdown and uncertainties which forced companies to evaluate and reconsider their strategies and plans. The survival and success of companies in turbulent and uncertain environments as in this period is proportional to their products strategies, furthermore, with this crisis, the importance and urgency of developing products in some sectors have also emerged.