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.

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Answer 1

Question

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

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New products are essential to increase profits and revenue, replace outdated items, and sustain growth.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.

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Answer 2

Question

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

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!

Answer 3

Question

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

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!

Answer 4

Question

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

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!

Answer 5

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

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.

Answer 6

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

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.

Answer 7

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.

Answer 8

Expert Solution & Answer

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.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 11 - Prob. 1LO Ch. 11 - Prob. 2LO Ch. 11 - Prob. 3LO Ch. 11 - Prob. 4LO Ch. 11 - Prob. 5LO Ch. 11 - Prob. 6LO

Explanation of Solution

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Chapter 11 Solutions