What is a new product? What will be an ideal response?
QUESTION
What is a new product?
What will be an ideal response?
ANSWER
Answer: A new product is defined as a product that either (1) is a significant improvement over existing products or (2) performs a new function for the consumer. New products may be new to a company but not necessarily to the marketplace.
Explanation: A new product is defined as a product that either (1) is a significant improvement over existing products or (2) performs a new function for the consumer. New products may be new to a company but not necessarily to the marketplace.
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