MKC1200 Chapter Notes - Chapter 11: Sodium Bicarbonate, Marketing Buzz, Cleaning Agent
26 Nov 2013
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New product a good, service, or an idea that is perceived by some potential customers as new. There are five categories of new products namely: new to the world this is a, completely new product that doesn"t exist anywhere in the world. Requires huge costs of r&d. it could be the first anti-malarial vaccine: new category entries it includes developing a new category of products that the company didn"t produce before. For example baking soda could be positioned as a baking ingredient, cleaning agent or a fridge deodorant. A firm can introduce new products in two ways, either through acquisition of another company"s product through licensing or purchasing of the company or purchasing a patent. The other way is through new product developments which is introducing original products, product improvements, product modifications and new brands through the firm"s own product development efforts. New services can also be developed, however they won"t necessarily be as big as the first laptop.
