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something physical you can touch) or intangible (like a service, experience, or belief). In general, the product is defined as a "thing produced by labor or effort or the "result of an act or a process E.g : A product is anything that can be offered to a market that might satisfy a
want or need. In retailing, products are called merchandise. In manufacturing, products are purchased as raw materials and sold as goods. Like our goods e.t.c.
New product development Def: In business and engineering, new product development (NPD) is the term
used to describe the complete process of bringing a new product to market.
Process of new product developmet 1. Idea Generation: Ideas for new products can be obtained from
basic research using a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats),
6. Technical Implementation: Resource plan publication 7. Commercialization: Produce and place advertisements and other
promotions
The four main stages of a product's life cycle and the accompanying characteristics are:
Characteristics
costs are very high slow sales volumes to start little or no competition demand has to be created customers have to be prompted to try the product makes no money at this stage costs reduced due to economies of scale sales volume increases significantly profitability begins to rise public awareness increases competition begins to increase with a few new players in establishing market
2. Growth stage
3. Maturity stage
6. increased competition leads to price decreases 1. costs are lowered as a result of production volumes increasing and experience curve effects 2. sales volume peaks and market saturation is reached 3. increase in competitors entering the market 4. prices tend to drop due to the proliferation of competing products 5. brand differentiation and feature diversification is emphasized to maintain or increase market share
6. Industrial profits go down 1. costs become counter-optimal 2. sales volume decline 3. prices, profitability diminish 4. profit becomes more a challenge of production/distribution efficiency than increased sales
Fad Def : A fad is any form of behavior that develops among a large population and is
collectively followed with enthusiasm for some period, generally as a result of the behavior's being perceived as novel in some way. e.g: language usage, apparel, financial investment, and even food
Style Def:Style (visual arts), in art and painting, either the aesthetic values followed in
choosing what to paint (and how) or to the physical techniques employed.
The fashion industry is a product of the modern age. Prior to the mid-19th century, most clothing was custom made. It was handmade for individuals, either as home production or on order from dressmakers and tailors. e.g. Clothing. Fancy dress.