Explain the importance of developing new products and describe the six categories of new products.

New products are important to sustain growth and profits and to replace obsolete items. New products can be classified as new-to-the-world products (discontinuous innovations), new product lines, additions to existing product lines, improvements or revisions of existing products, repositioned products, or lower-priced products. To sustain or increase profits, a firm must innovate.

How many new products can you identify? Visit the supermarket and make a list of at least 15 items with the word "New" on the label. Include on your list anything that looks like a new product. Next to each item on your list, write the category of new product that best describes the item. Share your results with the class.

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Explain the importance of developing new products and describe the six categories of new products.

New products are important to sustain growth and profits and to replace obsolete items. New products can be classified as new-to-the-world products (discontinuous innovations), new product lines, additions to existing product lines, improvements or revisions of existing products, repositioned products, or lower-priced products. To sustain or increase profits, a firm must innovate.

How many new products can you identify? Visit the supermarket and make a list of at least 15 items with the word "New" on the label. Include on your list anything that looks like a new product. Next to each item on your list, write the category of new product that best describes the item. Share your results with the class.

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Book Edition	7th Edition
Author(s)	Hair, Lamb
ISBN	9780538478342
Publisher	Cengage Learning
Subject	Business

Essentials of Marketing (7th Edition)See all exercises

Essentials of Marketing (7th Edition)

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