Chapter 12, Problem 1MA

Summary Introduction

To discuss: The meaning of new products and their examples.

Explanation of Solution

A product can be called as a new product if the product is new to the marketing world but this cannot be restricted in this only because a product can be called as a new product if they came under in the following categories:

• If the product is new to the world

  Example: If Company Q a famous car manufacturing Company introduces a new electric car which entirely new to the entire world.

• If the product is new to the firm.

Example: If Company A who is engaged in the production of beverages introduces new kinds of snacks.

• If the product is added to the existing product line.

  Example: Company S famous smartphone manufacturing Company introduces Bluetooth headphones in their product line.

• Introduced improved and revised the existing product.

  Example: Car manufacturing companies will revise and improve each year with new innovation and technologies.

• Repositioning.

  Example: Repositioning the existing product of Company U to match with changing modern scenarios.

• If the product is coming with a reduced cost:

  Example: using new latest technologies and cheap materials in the existing production line and introduce the product with reduced cost.