Product development or the launch of new products is one of the four market field strategies according to Ansoff (Ansoff matrix / product-market matrix), in addition to market development, market penetration and diversification. In the product development strategy, new products are developed for existing markets. Completely new products can be developed (e.g. the first instant camera, the first surfboard, the first fabric softener) or me-too products, i.e. products that are counterfeited, for example another brand of chocolate or detergent.
Both strategies have opportunities and risks. The innovator is the first on the market and achieves higher market shares; but he has to invest a lot in research and development because a new market has to be created through advertising. The impersonator invests less capital and initially also has lower sales figures. The launch of new products for branded articles takes place in the following steps:
- Obtaining and selecting product ideas
- Preselection (feasibility, financial feasibility, rough profitability analysis, program network)
- Development of a product concept
- Concept test
- development Marketing concept, Produktentwicklung, genaue Wirtschaftlichkeitsanalyse
- Market test