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New Product Options - Types of New Products (Marketing video 49)

View all our courses and get certified on https://academy.marketing91.com New Product Options refer to adding new product offerings by an organization for the buyers. New Product Options are possible through Development (make) and Acquisition (buy). Development The Development phase is the organic growth stage where the organization creates a specific new product in its laboratories. It often takes the help of researchers or development firms to achieve its target Example – The Apple Industrial Design Group Acquisition The Acquisition phase is the inorganic growth stage where the organization adds new offerings by buying other companies and buying a franchise, license or patent from another company Example – Walmart buying Flipkart, Microsoft buying LinkedIn Types of New Products 1. New to the world The New to the world product category creates a new market and occupy only a small percentage of it. Example –Polaroid Camera, iPod and iPad 2. Add a New Product Line The Add a New Product Line is the second new product category and here an organization offers a new product from a new category that has not been offered previously Example – Carlsberg Beer Beauty and Budweiser Zero 3. Additions to Existing Product Line The Additions to Existing Product Line occurs when an organization adds a new product that adds value to its area of product offerings and solidifies its position. Example – Red Bull Sugar-Free, McDonald's and Victoria’s Secret - Pink 4. Improvements or Revisions of Existing Products The Improvements or Revisions of Existing Products is the product category that is used to create interest, boost consumer awareness and increase revenues. Example – Microsoft Windows, Samsung Galaxy S Series – S1 to S20 Ultra and Apple Watch Series This video is on New Product options and has the following sub-topics. Time Stamps 0:00 Introduction to New Product Options 01:25 Acquisitions Did You Know? 01:44 Types of New Products 02:06 New to the world 02:19 Add a New Product Line 03:45 Additional to Existing Product Line 04:48 Improvements or Revisions of Existing Products