In marketing, we define new-product development as: The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts. True or false?

Question

Business

Louis Avila

28 May, 08:36

In marketing, we define new-product development as: The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts. True or false?

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Answers (1)

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Alessandra Gallagher · Answer 1

The correct answer is True.

Explanation:

The development of a new product is the process in marketing and economics through which a company plans to participate in a particular market through the inclusion in it of a new good or service, or with a complete modification and / or update of previous one.

The bases on which the product development process is based are the research and design of goods or services that meet and respond to the tastes and needs that each market poses. It could be considered as new a good or service aimed at new needs of consumers, some substantial change in existing goods or services that may even make them obsolete.

One of the most important aspects lies in the research and analysis of the market, taking into account the possible opportunities that arise. Therefore, this development is considered to be the first stage in the life cycle of a product.