new product
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.Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
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