Which Four Types Of New Products Are There

Which four types of new products are there?

Four major categories can be used to categorize new product developments: those that are novel to the company, better than existing products, new to the market, and those that extend the product line. Innovating frequently entails taking a fresh look at an existing concept or item with the intention of making it better. Product, process, and business model innovation are the three main categories, though experts hardly ever agree on a single set of innovation types.

What are the two types of products?

Consumer products and industrial products make up the two main categories of products. Specialty products have particularly distinctive qualities and brand identifications for which a sizeable group of consumers is willing to take special care in their purchasing decisions. Examples include particular brands of upscale goods, high-end automobiles, gear for professional photographers, and designer apparel.