Explain in detail the importance of the Internet for implementing simultaneous product development

What will be an ideal response?

ANSWER: The Internet is a useful tool for simultaneous product development. On the Web, multiple partners from a variety of location can meet regularly to assess new-product ideas, analyze markets and demographics, and review cost information. Ideas judged to be feasible can quickly be converted into new products. The best-managed global firms leverage their global networks by sharing best practices, knowledge, and technology. Without the Internet, it would be impossible to conduct simultaneous product development from different parts of the world. Some firms use online brain trusts to solve technical problems. Innovative firms are also gathering a variety of R&D input from customers online.