New Products Management Chapter 1

new to the world products
these products are inventions that create a whole new market
new to the firm products
products that take a firm into a category new to it. The products are not new to the world, but new to the firm
additions to existing product lines
these are “flanker” brands, or line extensions, designed to flesh out the product line as offered to the firm’s current markets
improvements and revisions to existing products
current products made better
repositionings
products that are retargeted for a new use or application
cost reductions
new products that simply replace existing products in the line, providing the customer similar performance but at a lower cost. May be more of a “new product” in terms of design or production than marketing. About 11% of new products
process innovation
applies to functions, especially the manufacturing or distribution process, and every new product benefits from this type of innovation.
product innovation
applies to the total operation by which a new product is created and marketing and it includes innovation in all of the functional processes
unique superior product
the number one reason for success is a
invention
refers to the dimension of uniqueness–the form,formulation, function of something. Usually patentable
innovation
refers to the overall process whereby an invention is transformed into a commercial product that can be sold profitably