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