Answer to Question #221552 in Management for Prashant

Question

Consider a new smart phone as a product, justify the benefits of new product development in this case

Answer 1

You all learn things you ought to understand about developing new products. A new product is unique to the firm launching it, even though it has been manufactured in a similar form by everyone else.

In the case of toilet soaps, for instance, unique brands launched by each organization are new items in that they are new to the company.

New products are those whose level of client shift necessitates the creation or re-creation of marketing strategy.