The term new product can mean different things. Six different categories of new products can be identified that are all quite different from each other. Still, they are all called new products. Let’s investigate the different categories of new products and what the term new product may actually mean.
new product development
“New products are the lifeblood of a company” (Philip Kotler). Old products simply mature and fade away, so companies must develop new ones to stay successful. To do so, there…