Product development depicts all the phases in bringing a product from a concept by releasing it into the market. It thus integrates the journey of a product ranging from detecting the market need, developing the product roadmap and releasing it to users, to mention a few elements. As such, product development may be viewed as a broad procedure or method for ensuring that goods get to the market, and it involved numerous teams in the organization. It is relevant to ensure that there is a system enacted to prioritize, summarize and capture the significant objectives and themes of a product. The categorizations of product development are all intended at disrupting the market, attracting clients and ensuring that they improve the benefits gained from their utilization.
New product developments can be grouped into different categories. The first one is "new-to-the-company product" in which case a firm may follow the market leader rapidly and create the product which will then be more productive and characterized by unique features then sell it to clients. A company needs to decide to venture in new products to ensure their survival in the market with intense competition (Rekettye, 2019). An instance of "new-to-the-company products" is the universal credit cards. They have disrupted the credit cards market by ensuring that it was introduced as part of a renovation of the benefits system.
There is also the category of "new-to-the-market" product which is produced to appear different from one that was existing. The product usually arises due to the practice of scientific and technological innovation. An instance is the diamond-shaped ice cube tray. A typical ice cube tray is generally used daily, but this new type is designed for special occasions (Malik & Scherer, 2017). As such, it is just a unique and better version of the ordinary ice cube tray.
Extension-To-An-Existing Product Line
Also, there is another category referred to as "extension to an existing product line." It is a new product designed as a form of disparity of a product that already existed in the market. One of its features is the aspect of innovative goods and activities as well. It is relevant for a firm that is venturing into this category to ensure that they develop something unique than what is already existing (Soundaian, 2019). In this way, it will be easier to disrupt the market, attract clients and make more sales. P&G is a company known for utilizing the product line extension. It can be observed in Tide Liquid Detergent which is specially produced to eliminate all the stains that may seem impossible such as smoke, oil and grease, among others. The product is also made in a way that it can be easily utilized by individuals with extensive duty laundry matters such as tough smells and pigments on their work clothes.
Improvement of Existing Product
The last category is the "improvement of existing product" which is a procedure of developing significant alterations to a product. The adjustments will then attract new clients or even enhance the benefits observed by clients once they use that product. A firm may either decide to add unique product characteristics or improve the existing ones as a way of making product advances (Rekettye, 2019). In this case, P&G is still an instance of a company that engages in the improvement of an existing product. It can be observed with the Tide power laundry detergent, which is familiar with the one discussed in the previous part. Its main aim is to minimize adverse effects on the environment. As such, it is viewed as the best biodegradable detergent that has been verified or instead used by clients.
An exploration of product development and the four categorizations has been conducted. In the case of "new-to-the-company product", it has been observed that it is meant to generate a product that will be more efficient and characterized by unique features. The element of product development has further been found to occur due to the practice of scientific and technological innovation. There is also the need for a company to produce a good that is unique as compared to what is already in existence. Additionally, product development can entail conducting alterations to a product so that it may attract new customers or improve benefits to be obtained by the users.
Malik, F., & Scherer, J. (2017). Strategy - navigating the complexity of the new world. Campus Verlag.
Rekettye, G. (2019). Value Creation 4.0 - Marketing Products in the 21st Century. Transnational Press London.
Soundaian, S. (2019). Strategic Marketing Management. MJP Publisher.
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