Types of New Products Homework Help

Here Are the Different Types of New Products in the Market

Managers of an organization might not be a technical person but as managers it is important for them to know about the various products that are available in the market. So if you want to pursue a career as a manager then you need to do very well in your assignments.

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Categories of products

  • Product that is new to the world

The type of product that was never seen before and is a completely new invention is called new to the world product. Only inventor of this product knows how to use this particular product.

Common people are also completely unaware of the product. You need to educate the average people about this product. When you launch this product in the market it is necessary for you to provide a manual as well. This manual should guide the common people about using this product.

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  • Product that is new to the organization

There are certain products which your company has never made but they are already available in the market. Consumers of these products do know how to use this particular product. Launching this type of a product is definitely easier than launching a new to the world product. This is because customers already know about this product.

  • Improving and revising an existing product

It is very important for a particular product to improve itself so that customers remain interested in the product. Marketing department of an organization should make the necessary changes in an existing product and then re-launch it.

Consumers will always enjoy this fact because they always like new additions being made to a particular product.

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  • Repositioning a new product

At times it might happen that your company might feel that the product that is already there in the market has some other benefits. So in order to increase sale of this product they might re-launch the product highlighting those important benefits.

The best example of this is the product aspirin. It was first introduced as a pain killer. However, later because of the fact that it also prevented strokes and heart attacks, so it was repositioned.

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