MARKETING-W/MINDTAP ACCESS CARD
MARKETING-W/MINDTAP ACCESS CARD
12th Edition
ISBN: 9781305427198
Author: Lamb
Publisher: CENGAGE L
Question
Book Icon
Chapter 11, Problem 1LO
Summary Introduction

To discuss: The significance of developing new products and six classifications of new products.

A product can be defined as a thing that could be provided in the market for acquisition, attention, consumption, or for utilization, which may satisfy a need or a want.

The process of developing a new product to the market is known as new product development. The company might engage in the development of new product due to increasing competition, update in technology, or change in customer preferences.

Expert Solution & Answer
Check Mark

Explanation of Solution

The significance of developing new products is as follows:

New products are essential to increase profits and revenue, replace outdated items, and sustain growth. Few companies spend huge money every year for developing a new product. The term “new product” varies widely because a product can be new to the seller or manufacturer, to the world, to the market or few combinations of these.

The six classifications of new products are as follows:

  • Discontinuous innovations.
  • Adding to present product lines.
  • Revision or improvement of current products.
  • New product lines
  • Lower priced products
  • Repositioned products.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Identify and explain the significant influences on the buyers of your Course Project product. Identify and explain the major environmental forces that affect the buyers of your Course Project product. Analyze and propose at least one strategy for influencing buying behavior considering the major influences and environmental forces impacting buyers of your Course Project product.
Answer the following using the raw data: • give the descriptive, predictive and prescriptive analysis  • what does the data implies? • what will happen based on the raw data (trends, results, or analysis) • what can you conclude based on the analysis  • what are the things that should be done/recommend to improve
rtc.instructure.com/courses/2557985/quizzes/9396620/take TH190 002 44362 > Quizzes > DO - What are the missing values? ments ons Events Resources o Recordings DO-What are the missing values? A+ Started: Jan 10 at 10:51am Quiz Instructions Identify the missing value to complete each t-chart or relationship. . You may use a calculator. ⚫ You can try the quiz twice. D Question 1 07 © 20 32 24 Sum 28 4 ? No new data to save. Last checked at 10:58am Next - 1 pts Submit Quiz
Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning
Text book image
Marketing
Marketing
ISBN:9780357033791
Author:Pride, William M
Publisher:South Western Educational Publishing
Text book image
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Text book image
Foundations of Business - Standalone book (MindTa...
Marketing
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning