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.

References in periodicals archive ?

To discover how independent convenience stores are tackling new products and how their approach differs from their larger chain counterparts, Convenience Store News for the Single Store Owner and sister publication Convenience Store News recently conducted exclusive new product research that polled c-store operators of all sizes.

The Power of New Products

8 percent of survey participants saw 5 percent to 9 percent of their sales come from new product alone.

New Products Prevail

With the early 21st-century recession fading into the twilight, newsletter and specialized-information publishers are not only more aggressive in getting back into direct marketing, they are also putting a concerted eye on new product development.

Leading publishers outline their strategies for new product development

Most insurers launching a new product don't want to risk their surplus until they have a good feel for how it will play out.

Producing a winner: hard markets mean hard times for product development, but it doesn't have to be that way. (Property/Casualty: Product Development)

One example of how these custom carbon blacks favorably affect cost, processing and performance is S 1120 carbon black - a new product designed for molded rubber applications that require superior flex add fatigue properties.

New blacks address compounding challenges

One critical reason for doing so is that foreign competition will increase their R&D and new product efforts during a U.

Five tips on managing R&D in hard economic times

And the key to this record has been a straightforward, somewhat old-fashioned management strategy: to growth by creating new product internally, by leveraging current products into new applications, and by expanding into overseas markets.

When internal growth is the goal

Fragrances in Western Europe - Product Launch Quarterly provides a complete guide to new product launches in the Western Europe Fragrances market in Q2 2010.

Research and Markets: Fragrances in Western Europe Product Launch Quarterly - L'Oreal is the Leading Manufacturer in Western Europe

With the thousands of new product introductions each year, it's becoming more and more difficult to scout out new products, packages or services that will "rock-n-roll" off the shelves.

Progressive Grocer - 2011 Must-see Exhibitors

For example, when a life insurer sought approval of a new product, the regulators--under what was called the "convoy system"--would pass the information to other life insurers to ensure that everyone was offering the same products at the same prices.

Proceed With Caution

Cross licensing of new products is another way to reduce the cost and the risk of new product development.

Rubber chemicals: an ongoing search for new products

Practical, actionable and foodservice-specific, this handbook demystifies marketplace complexities and offers sound advice on successful new product development, including how to:

Research and Markets: This Essential Report on Developing Successful New Products for Foodservice Markets is Now Available