Product Development Process. Do an internet search of the new product development process of any product of your choice, and analyze the process for developing the product. Review the reasons why new products fail and make two specific recommendations to improve the high failure rate of new products. Guided Response: What lessons do you draw about the importance of using a concurrent rather than a sequential approach in the product development process? What impact does the effective management of the product life cycle have on the market success of a new product?