User talk:Toslandcomprea63466

New product development is one of the most critical components of product policy and product management. Product lines and products are measure team and are put successfully. Brand decisions are taken correctly. For a higher level of growth, a company must look beyond its existing services and products. A modern organization must consider new product development as a primary element of its product policy.

Innovation could be the essence of all growth. That is especially true in marketing. In an age of technological improvements, change is really a natural consequence -- change in food habits, change in objectives and requirements. Any business must be vigilant to these changes taking place in its environment. People always find greater products, larger convenience, newer fashion and more value for money.

A business firm needs to react to these dynamic needs of its clientele and these reactions just take the form of new products and new companies. Through this kind of response, the company reaps a good deal of benefits. Services become essential from the profit angle also. Products which are already established usually have their limitations in improving the profit level of the firm. Earnings from services and products drop as they reach the maturity level of these life cycle. Thus, it's essential for business firms to create in new products to replace old, declining and losing products.

New products become part and parcel of the development requirements of the firm and in many cases, new profits arrived at the firm only through new products. New products may be broadly classified in to two groups: new products arising out of technological innovations and new products arising out of advertising driven improvements. Innovations are involved by the first group ultimately causing inherently new items with a new practical utility to their rear. The next class involves pure marketing oriented improvements in existing products; it offers rise to new versions of the existing products.