Classification of new product pdf

Here is a general classification of new products based on various criteria:

1. Product Classification by Type:

• Consumer Goods: Products used by individuals for personal consumption, such as food, beverages, clothing, and personal care items.
• Industrial Goods: Products used by businesses or organizations for production, such as machinery, equipment, and raw materials.
• Capital Goods: Products used to produce other goods or services, such as buildings, infrastructure, and heavy machinery.
• Services: Intangible products, such as consulting, education, and healthcare.

2. Product Classification by Innovation:

• Radical Innovation: New products that create a new market or disrupt an existing one, such as the iPhone or electric cars.
• Incremental Innovation: New products that improve upon existing products, such as a new smartphone model or a more efficient washing machine.
• Modular Innovation: New products that combine existing technologies in new ways, such as a smartwatch or a wireless headphone.

3. Product Classification by Life Cycle:

• New Product: A product that is newly introduced to the market, such as a new smartphone or a new type of coffee.
• Mature Product: A product that has been on the market for some time and has a established customer base, such as a popular coffee brand.
• Declining Product: A product that is no longer popular or is being phased out, such as a VHS player.

4. Product Classification by Target Market:

• Mass Market: Products designed for a broad audience, such as a popular fast food chain or a well-known clothing brand.
• Niche Market: Products designed for a specific group or segment, such as a product for people with disabilities or a product for a specific hobby.
• Customized Product: Products tailored to an individual's specific needs or preferences, such as a custom-made piece of furniture.

5. Product Classification by Technology:

• High-Tech Product: Products that use advanced technology, such as artificial intelligence, robotics, or biotechnology.
• Low-Tech Product: Products that use basic technology, such as a simple tool or a household appliance.
• Hybrid Product: Products that combine high-tech and low-tech elements, such as a smart thermostat.

6. Product Classification by Distribution Channel:

• Direct-to-Consumer: Products sold directly to consumers, such as online or in-store.
• Indirect-to-Consumer: Products sold through intermediaries, such as retailers or distributors.
• Business-to-Business: Products sold directly to businesses or organizations.

7. Product Classification by Pricing Strategy:

• Premium Product: Products priced higher than the competition, often due to high-quality materials or advanced technology.
• Mid-Range Product: Products priced between premium and budget products, offering a balance of quality and affordability.
• Budget Product: Products priced lower than the competition, often due to lower production costs or simpler design.

These are just a few examples of how new products can be classified. The specific classification used will depend on the context and the goals of the organization.