When you update and upgrade the standard of your products, you portray a progressive stance and that would make you to retain customers being that they can always stick with you when they need to move a step higher.
What is the purpose of developing new products?
- Thread starter Shavkat
- Start date
I would actually say that one of the purpose of developing a new product is to meet the demands of your customers because if you don't, they will most likely jump to the new product of the competitor.
Yes, development and innovation are two fundamental things for a product. However, now it is also necessary to respect the parameters of the construction materials of a given product. I recently discovered it while studying, for the purpose of my job placement, in a women's summer footwear manufacturing company.
We can't continuing remaining with old stocks in as much we are in a dynamic world that demands changes often. Old products must be rebranded in order to make them keep up their demands
Even if the competition does not bring new products, it will help those businesd owners to be able to improve the quality of their products. With that, they will be a part of the top ranking companies.
A business may choose to develop a new product so as to satisfy the desires of its customers. It may be the case that, through a customer survey, such business has noted that its buyers are yearning for the introduction of certain features in a particular product.
It is true that improvement and growth is a vital part of human existence. When you upgrade your products, you give customers a chance to upgrade their lives and they would keep patronizing you.
As long as there is competition in the market, there will always be a need for you to produce new products to keep up with the demands and making more profit.
The needs of a human being may change from time to time. This is why it is very crucial to change the and make certain kinds of alterations depending on the needs of the customer.
Well one of the reasons for creating a new product is just for competition and business purpose for without a new product in the former will not work to improve its product brother reduce the quality and even the quantity of its products and services.
Well said, the world is improving by the day if you want to remain relevant in the business world you need to keep improving and creating new products that would be able to keep up with your competition.
Usually customers need many different products. They may need different products at different times. For example, cell phones and dumbphones were used in the past. But now people rely more on smartphones. This is what you call a huge change and development.
New product development usually aims to keep up with market demands, because customers tend to like new things. If the company is not innovative, over time it can be abandoned by customers.