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Is it more practical to introduce a new product or modify an existing product? Explain. What are the steps to developing new products and/or revising established products?

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Is it more practical to introduce a new product or modify an existing product? Explain. What are the steps to developing new products and/or revising established products?

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The choice between introducing a new product or modify an existing one depends on a host of factors, such as USP of the proposed new product or the strengths/weaknesses of existing product, availability of resources, R&D Capabilities, etc. For example, if the existing product can be improved by little modification or adding few features and revenues can be increased substantially, ...

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Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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