What Do You Mean By New Product?
Question # 1
What do you mean by ‘new product’? List the steps in new product development process and the major consideration managing the process?
New Products:
New Products are goods or services that differ from its characteristics and new products produced by the firm.
Types of Product:
• New to world products: These are new inventions and discoveries like laser printers etc.
• New category products: These are new for the company but not for the World.
• Additions to product lines: These are new extensions to the company’s existing product line like diet coke.
• Product improvements: Improvements within existing products with innovation.
• Repositioning: Products that are reallocate for new customers and consumers. Baking soda as a deodorant
• Cost …show more content…
Presently lines might be connected or disconnected to the present products. The organization may likewise build the quantity of things in its item mix.
Contraction Strategy:
Another product methodology is to contract the product mix, either by disposing of whole line or by rearranging the combination with in a line. The goal is to take out low-benefit products and to get more benefit from fewer products.
Alteration of Existing Product:
In some cases firm as opposed to building up a complete new product enhance and sets up product that can be more gainful and less unsafe than growing totally new one.
For material merchandise, particularly, upgrading is frequently the way to products, and renaissance bundling has been an extremely prominent range for product adjustment, especially in buyer products.
Positioning Strategy:
Situating of product in the business sector is a noteworthy determinant of organization benefits. An product position is the picture that the product extends in connection to focused product and to different products promoted by the same organization. Q #
What do you mean by ‘new product’? List the steps in new product development process and the major consideration managing the process?
New Products:
New Products are goods or services that differ from its characteristics and new products produced by the firm.
Types of Product:
• New to world products: These are new inventions and discoveries like laser printers etc.
• New category products: These are new for the company but not for the World.
• Additions to product lines: These are new extensions to the company’s existing product line like diet coke.
• Product improvements: Improvements within existing products with innovation.
• Repositioning: Products that are reallocate for new customers and consumers. Baking soda as a deodorant
• Cost …show more content…
Presently lines might be connected or disconnected to the present products. The organization may likewise build the quantity of things in its item mix.
Contraction Strategy:
Another product methodology is to contract the product mix, either by disposing of whole line or by rearranging the combination with in a line. The goal is to take out low-benefit products and to get more benefit from fewer products.
Alteration of Existing Product:
In some cases firm as opposed to building up a complete new product enhance and sets up product that can be more gainful and less unsafe than growing totally new one.
For material merchandise, particularly, upgrading is frequently the way to products, and renaissance bundling has been an extremely prominent range for product adjustment, especially in buyer products.
Positioning Strategy:
Situating of product in the business sector is a noteworthy determinant of organization benefits. An product position is the picture that the product extends in connection to focused product and to different products promoted by the same organization. Q #