Product development

• What is product development?

  Creating new products or modifying existing ones
• How can businesses develop a product?

  By creating new products or modifying existing ones
• What improvements does the iPad Pro have over the original iPad?

  Performance improvements and higher specifications
• What is the goal of product development?

  Selling different products to the same market segments
• What is a potential question about product development?

  What are the pros and cons of product development?
• What is one benefit of product development?

  Increased sales from new or modified products
• Why might a company create new products?

  To increase the size of their product portfolio
• What is a reason for modifying existing products?

  To extend the product's life cycle
• What is price skimming in product development?

  Charging a high price initially then lowering it
• How does the Boston matrix relate to product development?

  It helps identify products for future investment
• What is a potential opportunity in product development?

  Selling to a different market segment
• What demographic did BIC originally target with their razors?

  Men
• What is a risk associated with product development?

  High costs for research and marketing
• What happens if a product modification fails?

  It can harm cash flow and reputation
• What is a consequence of not achieving economies of scale?

  Higher average costs per unit
• How does product development affect long-term profits?

  It can hinder profits if unsuccessful
• What are the pros and cons of product development?

  Pros:

  • Increased sales
  • Expanded product portfolio
  • Long-term strategy for growth
  • Opportunity to target new market segments

  
  

  Cons:

  • High costs for R&D and marketing
  • Risk of product failure
  • Potential harm to reputation
  • Higher average costs if economies of scale are not achieved