New Product Options - Types of New Products (Marketing video 49)

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New Product Options refer to adding new product offerings by an organization for the buyers.

New Product Options are possible through Development (make) and Acquisition (buy).

Development

The Development phase is the organic growth stage where the organization creates a specific new product in its laboratories. It often takes the help of researchers or development firms to achieve its target

Example – The Apple Industrial Design Group

Acquisition

The Acquisition phase is the inorganic growth stage where the organization adds new offerings by buying other companies and buying a franchise, license or patent from another company

Example – Walmart buying Flipkart, Microsoft buying LinkedIn

Types of New Products

1. New to the world

The New to the world product category creates a new market and occupy only a small percentage of it.

Example –Polaroid Camera, iPod and iPad

2. Add a New Product Line

The Add a New Product Line is the second new product category and here an organization offers a new product from a new category that has not been offered previously

Example – Carlsberg Beer Beauty and Budweiser Zero

3. Additions to Existing Product Line

The Additions to Existing Product Line occurs when an organization adds a new product that adds value to its area of product offerings and solidifies its position.

Example – Red Bull Sugar-Free, McDonald's and Victoria’s Secret - Pink

4. Improvements or Revisions of Existing Products

The Improvements or Revisions of Existing Products is the product category that is used to create interest, boost consumer awareness and increase revenues.

Example – Microsoft Windows, Samsung Galaxy S Series – S1 to S20 Ultra and Apple Watch Series

This video is on New Product options and has the following sub-topics.

Time Stamps

0:00 Introduction to New Product Options
01:25 Acquisitions Did You Know?
01:44 Types of New Products
02:06 New to the world
02:19 Add a New Product Line
03:45 Additional to Existing Product Line
04:48 Improvements or Revisions of Existing Products