Asked by Loren Anderson on Sep 28, 2024
Verified
Research indicates that the majority of new products are innovative,while a smaller percentage are revisions of existing products.
Innovative Products
Goods that introduce new features, functionalities, or efficiencies, offering novel solutions to consumers or improving upon existing products.
Existing Products
Goods or services that a company has been offering to the market, as opposed to newly developed offerings.
- Distinguish between different types of new products and their development strategies.
- Understand the challenges and strategies of idea generation and selection.
Verified Answer
CN
Cruyff Nyamundaabout 19 hours ago
Final Answer :
False
Explanation :
Research actually indicates that the majority of new products are revisions of existing products, while a smaller percentage are truly innovative. This is because companies often make small tweaks to existing products to optimize them for consumer preferences, rather than creating entirely new products from scratch.
Learning Objectives
- Distinguish between different types of new products and their development strategies.
- Understand the challenges and strategies of idea generation and selection.
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