BUSN 1101 Lecture Notes - Operations Management, Fixed Cost, Variable Cost
4 Feb 2014
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A product is something that can be marketed to customers because it provides them with a benefit and satisfies a need. Products can be goods or services or a combination of both. A new-to-the-company product is a good or a service that is new to the company but has been sold by a competitor in the past for example, An improvement in an existing product is an enhancement of a product already on the market for example, a change of ingredients and packaging for mike & ike"s. An extension to an existing product line is a new product developed as a variation of an already existing product for example, peeps chocolate eggs. A new-to-the-market product is a good or a service that has not been available to consumers or manufacturers in the past for example, the. Entrepreneurship is about carefully calculated risks, not unnecessary risks.
