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Product development

One of the four strategies of Ansoff’s matrix – a well known model to use when making strategic decisions about marketing, and specifically over strategies for achieving growth in a national and an international context. Product development involves selling a new product for existing types of customers in the present markets. New products are always important especially in an industry that is subject to rapid change. But, research and development is a high cost and a risky activity. It should be appreciated, however, that new does not necessarily mean a brand new product, which often involves considerable investment, and thus, risk. For example, it could simply involve: changing the material, ingredients, colour; adding a new feature; introducing a new size; or improving the functional performance by making the product longer-lasting.

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