Final answer:
The rapid rise in new product development is attributed to Globalization, which has expanded markets and increased competition, and Technological advancements that drive innovation. Changing consumer preferences also necessitate the development of new products.
Step-by-step explanation:
Factors responsible for the rapid rise in new product development over the years include:
- Globalization: The forces of globalization have increased competition from foreign producers and impacted how markets are defined. With expanded global reach, companies see a demand for new product innovation to cater to a broader and more diverse market.
- Technological advancements: The growth of technology, especially in communications, has revolutionized markets. It has also fostered innovation as businesses seek to leverage new technologies to improve their products and meet changing consumer demands.
- Increased regulations: While regulations do have an impact on how businesses operate, they are not explicitly mentioned as a factor for rapid new product development in the provided text.
- Changing consumer preferences: As consumer preferences evolve, businesses must adapt with new products that satisfy those changing needs.