Question

Consider a new smart phone as a product, justify the benefits of new product Development in this case.

Answer 1

Answer:

Everything you need to know about new product development. A new product is a product that is new to the company introducing it even though it may have been made in same form by others.

For example, in the area of toilet soaps, different brands introduced by each company are that way, new products as it is new to the company.

New products are those whose degree of change for customers is sufficient to require the design or re-design of marketing strategies.