The Sage Course Companion on Marketing is an accessible introduction to the subject that will help readers to extend their understanding of key concepts and enhance their thinking skills in line with course requirements. It provides support on how to revise for exams and prepare for and write assessed pieces. Readers are encouraged not only to think like a marketer but also to think about the subject critically. It is much more than a revision guide for undergraduates; it is an essential tool that will help readers take their course understanding to new levels and help them achieve success in their undergraduate course.

New Product Development

New product development

New product development is the process of creating new benefit offerings for customers.

The product life cycle tells us that, eventually, all products will reach a peak of maturity and go into decline (unfortunately the product life cycle does not provide any time-scales for this process). Since products eventually become obsolete, firms need to develop new ones on a fairly regular basis. Equally, competitors will be trying to develop products that will increase their market share at the expense of other firms, so each firm needs to meet competitive challenges even when the existing products are perfectly acceptable to consumers.

Reactive new product development (NPD) is the approach taken by firms that simply respond to competitive initiatives, rather than responding to customer ...

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