For profitable growth through new products, firms need to speed up the NPD process due to the shrinking product life cycles and the developing new product quickly, firms can achieve five major benefits. First, firms can improve their chances of being first to the market, and thus reap earlier and obtain higher returns. Second, firms can attain a better fit of the new product with the customer demand and charge a premium price. Third, speedy new product development enables a firm to establish industry standards and produce a technological edge. Fourth, a firm with the capability of developing products in a shorter time can improve the timeliness of product entry and market share. Fifth, developing new products more quickly than competitors can improve customer satisfaction and develop customer loyalty which will result in sequential purchase and increased sales.