WHY ARE PRODUCT - INNOVATIONS REQUIRED ?

Why Are Product-Innovations Required ?

1.       To Prevent Obsolesence,
2.       .   To Maintain Competitive Edge,
3.           To Maintain Business & Organisational Growth & Increase in Revenue.

                    What is a New Product ?

                  A New Product is the One, that is:

1)    Unique or Innovative:

That Satisfies an Unsatisfied Need. e.g. Viagra, Computer Games etc,

2)    Replacement:

That is Significantly Different from the Existing Products in terms of :

a)    Form,

b)    Function,

c)     Benefits, etc,

3)    Imitative:

The Products New to the Company, but not to the Customers. The Company wants to take Extra-Share of the Market by imitating any Popular Brand. e.g. Fully Automatic Transmissions in Autos, etc,

 What is New Product Strategy ?

The Statement Identifying ROLE of New Product is Expected to Play  in Achieving Company &  Marketing Goals.

 What will New Product Achieve ?

Answer will Determine Type of New Product to be Developed. e.g.

Ø  If Goal is to DEFEND Market-Share, Revise an Existing Product, or Introduce Additions to the Existing Line i.e.(Line Extension).

Ø  If Goal is to MAINTAIN Leadership/Brand-Image, Introduce ‘INNOVATIVE -Products’!