New product development is a complex and variable process. This flowchart provides a general macro view of the new product development process. Each decision and process step is an entire field of study onto itself with significant details and nuances beyond the scope of this flowchart. Please note, every decision and process step may require significant costs and expenses.
Last month, the Federal Reserve Bank of New York released their quarterly report on Household Debt and Credit for the fourth quarter of 2020.
Although the ravages of the pandemic are still massive and widespread, there were some glimmers of a silver lining. Some takeaways being:
- The coronavirus pandemic changed the way U.S. consumers use credit, as lower interest rates spurred a boom in home buying and refinancing and virus-related shutdowns led to a drop in credit card use and an increase in paying off debt, according to a report released on Wednesday by the New York Federal Reserve.
- Home buying and refinancing took off last year after the Federal Reserve slashed its key overnight interest rate to near zero to fight the economic fallout from the pandemic, leading to lower mortgage rates. A massive shift to working and learning from home also bolstered the housing market, as some families searched for properties with more living space.
- Credit card balances increased by $12 billion in the fourth quarter but balances were still $108 billion lower from a year earlier – the largest yearly decline since the report was launched in 1999.
- In total, all household debt not related to housing – including credit card debt, auto loans, student loans, and other debts – increased by $37 billion during the fourth quarter but was still below pre-pandemic levels seen at the end of 2019.
Read the full report here.
Valentine’s Day Shoppers Plan to Spend $21.8B in 2021
In 2021, about half of U.S. adults plan to celebrate Valentine’s Day and spend a total of $21.8 billion, down from $27.4 billion in 2020, according to the National Retail Federation (NRF).23 But 2020 was a record year, and the 2021 anticipated spend is still the second highest since the NRF first published its annual Valentine’s Day spending survey in 2009.
Read more about the economics of Valentine’s Day here.
After the murder of his father, Genghis Khan went into poverty, even being enslaved at one point. It wasn’t until he was in his 50’s did he rise to power and become the Khan of Mongolia.
Your Startup Guru created an informational deck and grant proposal which will be used to help raise additional capital for its operations.
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It is a new year and a new opportunity to build something great
The health of small and medium businesses is a major factor of the economy. The SBA considers companies with less than 500 employees to be “small businesses,” which encompasses 99.7% of all businesses.
2020 has been devastating for businesses throughout the Nation. More than ever, Shop Small Saturday is vitally important.