Once the enterprise carefully subdivides the market, selects customer groups, determines their needs and market positioning, it is ready to develop and launch suitable new products. New product development process plays a key role in marketing management. The marketing department did not let the R&D department develop new products by itself, but actively participated in every stage of product development in other departments.
Every company must develop new products. Substitute products must be created to maintain or expand sales. Besides, customers want new products, and competitors will try their best to supply them. More than16,000 new products (including product line expansion and new brands) are introduced to grocery stores and pharmacies every year.
Companies can add new products through acquisitions and/or new product development. Access can take three forms. The company can acquire other companies, obtain patents from other companies, or purchase licenses or franchises from another company.
The route of new product development can take two forms. The company can develop new products in its own laboratory. Or it can sign contracts with independent researchers or new product development companies to develop specific products for the company.
Bos Allen Consulting Company. According to the novelty of new products to the company and the market, Hamilton divides new products into six categories 1:
Every company must develop new products. Substitute products must be created to maintain or establish sales. In addition, competitors will do their best to supply new products that customers need. Every year, 16000 new products (including extended products and new brands) enter grocery stores and pharmacies.
Companies can purchase new products through acquisitions and/or new product development. This way of acquisition can take three forms. The company can buy other companies, it can get patents from other companies, and it can also buy licenses or franchises from another company.
The route of new product development can take two forms. Companies can develop new products in their own laboratories. Or a company that can develop specific products with independent research institutions or new product development enterprises.
Consulting companies Booz, Allen and Hamilton have identified the novelty of six new products, while companies and markets 1: