Why develop new products?
Companies need to find a competitive advantage to be successful, including the need for new, fresh products to keep customers interested. The famous Ansoff business model identifies four ways to grow – two methods use existing products, and another two, new products. New product growth can then either build a business presence in an existing market, or help break into a new market. The Ansoff Matrix Many modern “new” products are nothing more than product line extensions or revamped products. This works to an extent, but truly new products can revitalise a company’s fortunes, and help sales existing products.
