The document discusses the challenges of new product development, listing global competition, time to market, market potential, technological change, distribution challenges, developing new features, price, addressing critical unmet needs, promotion difficulties, overcoming resistance to change, assessing market size, and dealing with government policies as some of the key challenges. It uses examples like Mahindra & Mahindra, Zara, Facebook, Instagram, Apple, Starbucks, Google, Emami's Fair & Handsome, Segway, Micromax Canvas, Ra.One, and Coca-Cola to illustrate how companies have dealt with these challenges.