In marketing, brand-new products or services are created and promoted under a new brand. This is a brand strategy alongside the brand stretching, line extension and multi-brands strategies. [1] The brand-new strategy is focused on creating and introducing new products effectively. It involves researching a market to discover consumer needs that provide a market opportunity, generating ideas on how to approach that opportunity, and commercializing a product by communicating how the product covers the needs. [2]
Companies may introduce brand-new products that replace previous products, as a leading function for marketing, instead of making small incremental improvements on existing products. [3]
See also
References
- ^ Rajagopal (2009). International Marketing, 1E. Vikas Publishing House Pvt Ltd. p. 239. ISBN 978-8125918561.
- ^ G. Michael Maddock; Luisa C. Uriarte; Paul B. Brown (May 2020). Brand New: Solving the Innovation Paradox -- How Great Brands Invent and Launch New Products, Services, and Business Models. John Wiley & Sons, 2011. ISBN 978-1118061459.
- ^ Jon Sundbo (1998). The Theory of Innovation: Entrepreneurs, Technology and Strategy. Edward Elgar Publishing. p. 131. ISBN 1781008892.
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