Name and describe the six categories of new products.
What will be an ideal response?
NEW-TO-THE-WORLD PRODUCTS (DISCONTINUOUS INNOVATIONS) are products that are introduced in an original form. These products create an entirely new market.
NEW PRODUCT LINES are products the firm has not offered in the past but will introduce into an established market.
ADDITIONS TO EXISTING PRODUCT LINES are new products that supplement a firm's established line. Complementary products can also supplement a firm's offerings.
IMPROVEMENTS OR REVISIONS OF EXISTING PRODUCTS are usually minor changes that may entail addition or deletion of ingredients. Many of these products are labeled "new and improved."
REPOSITIONED PRODUCTS are existing products targeted at new markets or market segments.
LOWER-PRICED PRODUCTS are those that provide similar performance to competing brands at a lower cost. Lower cost may result from technological advantages, economies of scale in production, or lower marketing costs.
You might also like to view...
Attitudes and lifestyles are examples of demographic variables
Indicate whether the statement is true or false
How can a firm control against excessive quantities of raw materials being used in the manufacturing process
Individuals who are motivated by a need for ______ tend to seek leadership roles, whereas people motivated by a need for ______ do not.
a. power; achievement b. affiliation; achievement c. power; affiliation d. achievement; power
In a mediation
A) the parties to the dispute attempt to their own agreement. B) the decision of a third party such as a judge is binding. C) the decision of a third party such as a judge is non-binding. D) the decision of a third party such as a judge can be binding or non-binding.