new product

a good or service which is sufficiently different from existing products to be regarded as new by consumers. The degree of newness of a product depends upon the extent of its novelty and whether it embodies product attributes not previously available, and can range from relatively minor adaptations of existing products to entirely different product offerings like microwave ovens. Products which are radically different can rapidly establish COMPETITIVE ADVANTAGE as they open up an entirely new market and dominate the early stages of the PRODUCT LIFE CYCLE. See NEW-PRODUCT DEVELOPMENT, DIFFUSION PROCESS.

new product

a good or service that is sufficiently different from existing products to be regarded as ‘new’ by consumers. The degree of ‘newness’ of a product depends upon the extent of its novelty and whether it embodies product attributes not previously available and can range from relatively minor adaptations of existing products to entirely different product offerings, like microwave ovens. A product that is significantly novel can give a supplier a major PRODUCT DIFFERENTIATION advantage over competitors. As such, developing new products (see PRODUCT DEVELOPMENT) is an important area of non-price competition in OLIGOPOLY.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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References in periodicals archive

An increasingly important issue is the roles of purchasing and suppliers in the new product development process.

Purchasing and Supplier Involvement: Issues and Insights Regarding New Product Success

Another important aspect of new product development (NPD) process is for your company to review its brand architecture.

Products of a mastermind

Independent market research firm BrandSpark International announced the winners of the 2018 Best New Product Awards, which includes three area companies, including Barilla based in Northbrook, Aldi headquartered in Batavia and Chicago's Conagra.

Barilla, Aldi named in new product award list

Robert Levy: Through our experience assisting brands with new products development, we were aware of how difficult it is even for great new products to stand out in store: even a year after a national launch only one in three category shoppers are aware of the average new product.

THE KEY TO NEW PRODUCTS SUCCESS? CONSUMERS MUST WANT TO BUY IT AGAIN

This paper introduces a business case to help students understand the challenges in introducing a new product. In using the case study method, the instructor can discuss how the different functional areas of business can impact the decision to introduce [or not introduce] a new product.

Challenges in introducing new products: A case study on the new product development process

Before a new product makes its way onto the shelves of Ambridge Do it Best, Strano has either heard of it from a customer or discovered it at a competitor's business.

Life cycle of a new product: how to find and promote trending items

IRI New Product Pacesetter brands are the 100 largest non-food and 100 largest food and beverage launches of 2015.

Innovation is a catalyst for CPG industry growth

In the United States, more than six in 10 respondents (65 percent) to a recent Nielsen survey say they like when manufacturers offer new products, and more than one-quarter (31 percent) say they purchased a new product during their last grocery shopping trip.

Satisfy Consumers' Appetite for Innovation

Filipinos are among consumers worldwide who are showing strong affinity for brands which are investing in new product development and are among the most likely to try new product offerings, according the a new report by Nielsen.

Filipino consumers show strong affinity for brands - Nielsen

Summary: First North-listed CybAero is set to unveil a new product line on March 31.

CYBAERO UNVEILS NEW PRODUCT LINE

TATA Steel has reached a signifi-cant milestone in the transformation of its European steel portfolio with the launch of its 100th new product.

Tata reaches milestone in Euro steel production