new product

(noun)

a good or service that was previously not offered by the company

Related Terms

  • obsolescence
  • planned obsolescence
  • innovation

Examples of new product in the following topics:

  • The Need for New Products

    • In dynamic markets companies must constantly introduce new products and services to keep up with changing consumer wants and needs.
    • Continuous decisions must be made about whether new products should be added (and whether old products should be removed).
    • Organizations invest a lot of money to create new products that perform effectively.
    • The ultimate success of new products depends on consumers accepting them.
    • 'Innovation' is used here to describe an idea or product that is new to the company.
  • Ansoff Opportunity Matrix

    • Product development (existing markets, new products): McDonald's operates in the fast-food industry, but it frequently markets new types of burgers.
    • Product development - This growth strategy uses new products in the existing market.
    • Diversification - This strategy creates completely new opportunities for the company by creating new products and new markets.
    • Another way is to expand sales through new uses for the product.
    • Will it require the introduction of new or modified products?
  • Screening

    • It is important for businesses to continually devise new products, as products do not last forever.
    • The screening step is a critical part of the new product development process.
    • There are two common techniques for screening new product ideas.
    • Both involve the comparison of a potential product idea against the criteria for acceptable new products.
    • These scores are then multiplied by their respective weights and added to yield a total score for the new product idea.
  • The Product Life Cycle

    • Product development and product life cycles go hand-in-hand.
    • It is important that businesses continually develop new products to replace those that are declining.
    • A company must succeed at both developing new products and managing them in the face of changing tastes, technologies and competition.
    • A good product manager should find new products to replace those that are in the declining stage of their life cycles; learning how to manage products optimally as they move from one stage to the next.
    • Especially if the product is new on the market, users may not be aware of its true potential, necessitating widespread information and advertising campaigns through various media.
  • Product Advertising

    • The stage of the Product Life Cycle (PLC) often determines the type of advertising that is used by advertisers for a particular product.
    • This form of advertising is designed to stimulate primary demand for a new product or product category (McDaniel et al, 2006).
    • It is heavily used in the introductory stage of product life cycle when a new product is launched.
    • This type of product advertising provides in-depth information of the benefits of using a product or service.
    • The type of product advertising a company chooses depends on where the product is in its life cycle.
  • When to Modify Products

    • Large companies, in particular food producers, will slightly alter a product to attract new attention to it.
    • Although product manufacturers painstakingly consider numerous details and possibilities of what could go wrong, many new designs ultimately fail or become obsolete.
    • Innovation provides much of the competitive impetus for the development of new products, with new technology often requiring a new design interpretation.
    • It only takes one manufacturer to create a new product paradigm to force the rest of the industry to catch up, fueling further innovation.
    • While some products are completely new innovations, others are simply minor modifications to existing products.
  • Stages in the Product Life Cycle

    • The introduction stage of the product life cycle is when the marketing team emphasizes promotion and the product's initial distribution.
    • Nonetheless, sales may remain low because it takes time for the market to accept the new product.
    • In the growth stage of the product life cycle, the market has accepted the product and sales begin to increase.
    • The company that introduced the new product may begin to find it difficult to compete in the market.
    • In the decline stage of the product life cycle, sales will begin to decline as the product reaches its saturation point.
  • Organizational Requirements for Product Development and Management

    • Product development combined with product marketing make up the product management function within an organization.
    • Product management is an organizational lifecycle function within a company dealing with the planning, forecasting, or marketing of a product or products at all stages of the product lifecycle.
    • Product development – the process of bringing new products to the marketplace – combined with product marketing, make up the product management function that oversees the launch of a company's new products.
    • A product manager investigates, selects, and develops one or more tangible products for an organization.
    • However, product management also deals with intangible products, such as music, information, and services.
  • Deletion

    • Product deletion, either through product replacement or product elimination, results when products fail to meet company expectations.
    • As a result, companies are under pressure to evaluate their existing product line and to make continuous decisions about adding new products or deleting existing ones.
    • Despite significant investment in product development and market research, it is estimated that failure rates for new packaged goods range anywhere from 75% to rates as high as 90% (source: catalinamarketing.com).
    • When considering "innovative" new products, Harvard Professor John T.
    • However, if the company seeks to increase sales in the near future, then it must introduce a new group of successful products to generate additional revenue.
  • Product Orientation

    • A firm employing a product orientation is chiefly concerned with the quality of its product.
    • Similar to production orientation, the product orientation of marketing focuses solely on the product a company intends to sell.
    • A firm employing a product orientation is chiefly concerned with the quality of its product.
    • Consumers recognize product quality and differences in the performance of alternative products.
    • Adopting the product orientation can be advantageous to a company, due to the fact that the cost of determining consumer preferences and the development of new products and services are minimized or eliminated because consumers are in some way captive.
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