What are the many definitions of a "New Product" and why must a branding and marketing program be developed for each?
• New products are original products, product improvements, product modifications, and new brands that the firm develops through its own product development.
• They bring new solutions and a variety to customer's lives, and they are a key source of growth for companies
• Many companies rely on new products for the majority of their growth
• Must have effective branding and marketing because 60% of all new consumer packaged products introduced by established companies fail; 2/3 of new product concepts are never even launched.
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Principles of Marketing
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