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What is product development?, Angeles Saldaña Camila, Lima Hernández…
What is product development?
Purpose
New products = new revenue opportunities
Must be a well-designed product for it to sell
A strategy to grow a business
Types
Completely new products
Innovations
Key Elements
The product must be new to be considered product development
Products should be introduced to the same market (no market expansion)
Challenges & Considerations
Avoid brand mismatch (New products should fit with the existing brand)
Customer perception matters→ A product that doesn’t match the brand can create uncertainty
The goal is to serve existing customers with new offerings
End Goal
Increase revenue & business growth
Successfully develop and introduce new products
Angeles Saldaña Camila
Lima Hernández Zuleyka
Mendoza Aparicio Karla Michel
Vázquez Barrios Jorge Gabriel