Ch. 11- Developing and Managing Products

Many companies attempt to introduce new products to sustain growth and profits.
a company first forms a new product strategy by outlining the characteristics and roles of the future product. Ansoffs matrix is a useful way for understanding a company's product range. this compare developing new products in new markets.

COCA-COLA DEVELOPING PRODUCTS STEPS

1.  Market penetration: Selling more of the same types of the same products to the same type of people.
2. Product development: Building existing relationships with consumers and on creative ability to develop new products suited to consumer wants.
3. Market Development: Developing an existing product to cater for emerging markets.
4. Diversification: Developing new products for new markets.

Coca-Cola Market Development