Asked by Divine Diamante on May 07, 2024
Verified
Describe the different ways to define a product as new.
Product Line
A series of related products offered by a company.
Product Mix
The total assortment of products that a company offers for sale, which can vary by depth, breadth, and consistency.
- Acquire knowledge of diverse innovations and their effects on strategies in marketing.
Verified Answer
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Kwabenah BuxtonMay 07, 2024
Final Answer :
The term new in relation to a new product is difficult to define. There are several ways to view the newness of a product. These include: (1) newness compared with existing products (functionally different from existing offerings); (2) newness from the consumer's perspective (the effects of a new product on consumption patterns based on the degree of learning consumers require); (3) newness in legal terms (the FTC defines new during the first six months after a product enters regular distribution); and (4) newness from the organization's perspective (a product line extension, a significant jump in innovation, a brand extension, or a radical invention).
Learning Objectives
- Acquire knowledge of diverse innovations and their effects on strategies in marketing.
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