A product is anything offered by a company to satisfy customer needs, whether an object, service, or idea. Most new product development involves improving existing products, while less than 5% of new products are truly innovative. Companies estimate costs, sales, pricing, and profits through business analysis to determine an optimal price-volume mix for new products. Branding involves associating a name with tangible and intangible benefits to create customer loyalty and premium pricing. Managing brand equity requires nurturing the brand to avoid dilution from competitors or inconsistent products.