What is New Product
There’s a misunderstanding that a new product is only that which doesn’t exist in market and recently launched like keyboard wasn’t existing product in past, so it’s new and wireless keyboard is not considered as new product but actually it is a new product because there are some new features exist in this which is wireless signal catching capacity. There are some different kinds of new product which are
New to the world: A product which is totally new to the world which doesn’t exist, like shampoo or soap before this was invented
New to Company: Any product which is new to company is also considered as new product like a company is working in laptop industry and buys new factory of cement, it’s a new product.
Product Improvement: Improvements in product as discussed above that new features addition in existing product, as keyboard to wireless keyboard.
Product line Extension: Product line extension is launching related products with existing product, like KFC is working with Chicken burger and launches Fish burger is product line extension
Repositioning: Repositioning in customer mind is also considered as new product because they are totally like a new ones as civic to civic reborn
All these above are considered as new products in market.
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