In my view, the competitors of the company will be greatly affected when they produced new model of their products. For example, smartphone companies keep on producing new models to attract the people. In this way, it will surely affect the other companies and be pressured to create new version of their tangible products the soonest. If not, they will be left behind.
Who does the creation of new products affect?
- Thread starter Shavkat
- Start date
Maybe the necessity. In ancient times there was nothing by which people may be able to communicate with others so there was a need for something the telephone was invented and since they have been modified to make them more compatible.
You can't pressure a competitor that has a superior product. There is nothing you would do that would pressure Apple to bring out new phones before schedule.
Introducing new and quality product helps a company to gain a competitive advantage. The company may be considered as a trend setter. It is also putting pressure on competitors to follow suit and make R&D efforts to come up with something better.
That's why as a business, you need to know when you should seek collaborations with other businesses in your field. This is so that you would be able to know when trends have change.
- Thread starter
- #8
Based on your example, people are greatly affected in a good way though. With the invention of the telephone, it made the people's lives easier in communicating with others and it became more advance now.
That's how the organization stays relevant in this modern world of fast paced development. You have to keep on evolving as an organization to make your products unique and attract customers.
Probably, there are some businesses that have been existing for many years but their products keep changing everyday. This is a strategy to stay competitive.
Yes, that is what we call following the trend. They always follow the trend and their business keep on succeeding.
Looking at it form another angle, the creation of new products actually affects everyone. Lets look at iphone for example, on a regular basis new products keeps coming out, hence putting a lot of persons under pressure to buy one for themselves.
Creation of new product can help the company to be more acknowledged by people. Once the product is of good quality and it meets the need of people, it will create awareness for the company
A quality product that is well marketed will always get the needed attention. Once it meets the demand of the people they will begin to purchase it.
The creation of new product affect so many things.I know that it is going to be positive because it enhance the business sales.
And when coming with a new product, it is always good to put into consideration people opinion on your old product, try to take note of what they didn't like inorder to make a better product
The new products in the market is what's going to face a lot of challenges to beat the already existing strong product in the market with more customer's loyalty.
