Concept explainers
To discuss: The meaning of new products and their examples.
Explanation of Solution
A product can be called as a new product if the product is new to the marketing world but this cannot be restricted in this only because a product can be called as a new product if they came under in the following categories:
- If the product is new to the world
Example: If Company Q a famous car manufacturing Company introduces a new electric car which entirely new to the entire world.
- If the product is new to the firm.
Example: If Company A who is engaged in the production of beverages introduces new kinds of snacks.
- If the product is added to the existing product line.
Example: Company S famous smartphone manufacturing Company introduces Bluetooth headphones in their product line.
- Introduced improved and revised the existing product.
Example: Car manufacturing companies will revise and improve each year with new innovation and technologies.
- Repositioning.
Example: Repositioning the existing product of Company U to match with changing modern scenarios.
- If the product is coming with a reduced cost:
Example: using new latest technologies and cheap materials in the existing production line and introduce the product with reduced cost.
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Chapter 12 Solutions
Marketing Principles, SME 2011 Babson College
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