What is a new product?

The defination of a new product is very essential inorder to avoid the failure of the product and the organization. There are the different things considered to call a new product.

1. Its should be totally new to the world. e.g. Fairness Cream for Men.
2. It may be a new product line all together.
3. It can also be an addition to the existing product line/Product mix. e.g Surf Excel Blue.
4. Repositioning of the product. e.g. the repositioning of Dalda in a new package.
5. Cost Reduction

Why do we need New Products???

There are certain reasons why a company needs to bring new products into the market. The reasons are:

1. To sustain growth of the organization.
2. Response to competition.
3. Excess Capacity.
4. To increase the cash flow.
5. Cost Reduction
6. Creativity of Management

Define Product

Lets Understand what is a product?

Product can be defined as anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or a need.

Components of Products

1. Core Component
2. Prackaging Component
3. Support Service Component
4. Brand

Introduction

This suject of Product and Brand Management was taught to us by Mr. Ravi during our 4th Trimester of Management. The objective of the bolg is to shift the details and learning from the faculty from the hard copy to a soft copy so that i can keep referring it in future.