Question

Describe the New Product Development process to a young entrepreneur who wants to start a new business.

b. In what ways can a product be made new in marketing?

Answer 1

a. New Product development process involves designing a entirely new product which is entirely new to the market. It caters to the customers' requirement and demands which have till now remained unfulfilled. Thus, the new business would be providing a break-through product to the market. There would be none to minimum competitor and the enterpreneur would need to be highly innovative in order to succeed at this strategy.

b. A product can be made new in marketing by either differentiating it from it's competitors and elevating it's features or, by re-introducing it to the market using re-introduction strategy or, altogether creating a new product which the market is yet to see.