new product and its categories

3.  A new product that opens entirely new market
 A product that adopts or replaces an existing product.
 A product that significantly broadens the market for an existing product
 An old product introduced in a new market
 An old product packaged in a different way
 An old product marketed in a different way

5.  Innovative products - really new to the market
 New product lines – to allow the firm to enter an existing product. The product is not
new to the world, but new to the market.
 Addition to product line – to supplement the firm’s existing product line or simple
line extensions
 Improvements and revisions of existing product – current product made better
 Repositioned products – existing product target at new market
 Cost reduction new product that provide similar performance at lower cost

7.  Innovative product - polaroid camera, iPod and iPad, Laser printer, selfie stick
 New product lines – P&G’s first shampoo or coffee, Hallmark gift items, AT&T’s Universal
credit card
 Adding to existing product lines – P&G’s Tide Liquid detergent, Special line extensions
(drinks, snack bars, and cereals), Bud Light
 Improvements and revisions to existing products - ivory soap and Tide laundry detergents
 Repositioning – Arm & Hammer baking soda repositioned as a drain or refrigerator deodorant

9.  Increase/defend market share by offering more choice or updating older products
 Appeal to new segments
 Diversify into new markets
 Improve relationship with distributers
 Make better use of the organization’s resources

11.  To create stars and cash cows for the future
 To take advantage of new technology to replace declining product
 To maintain or increase the market share of the organisation
 To defeat rivals or to keep up with rivals
 To fill gap in the market