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The 6 Step Process of New Product Development [Exaplained]

New Product Development Process

Process of New Product Development (NPD) New product development (NPD) is the process of bringing a product idea into the market in its physical form or as a service. The process includes the activities like brainstorming ideas, evaluating ideas, market analysis, and finally making the products. Steps for developing a new product vary from organization … Read more

What is Product Life Cycle (PLC)? Definition, Stages, Strategies, Importance, and Examples

Product life cycle

There was a time where CDs, VCRs, and Typewriters were the most popular. But today in the 21st century they have become outdated. This is one of the best examples of a product life cycle (PLC). So, what is the product life cycle (PLC), what are its stages, and why it is important, let’s find … Read more

Types of Products (Consumer Products and Industrial Products) Explained

Types of Products

A product is something that is offered to the market either for consumption or reselling purposes. The product can be a tangible item like clothes, rice, etc. as well as an intangible item like consulting or delivery service. Now, let’s understand the different types of products found in the market. Types of Products Generally, every … Read more

What is a Consumer Product? Definition, Types, Characteristics, and Examples

Consumer Product

What is Consumer Product? A consumer product, also called consumer goods is a product that is purchased for consumption purposes by consumers. Consumer products are specially designed for daily consumption by an individual person or household. Consumer goods are either purchased for personal use or household consumption, not for the resell purpose. Examples of consumer … Read more

What is Unsought Product? Definition, Characteristics, Types, and Examples

Unsought Product

What is an Unsought Product? An unsought product is a consumer product that a consumer doesn’t know about or does not want to actively buy even if he is aware of the product. Usually, consumers have no active interest to buy unsought products cause the product will be new to them as well as they … Read more

What is a Specialty Product? Definition, Characteristics, and Examples

Specialty Product

The specialty product is one of the types of consumer products – others are convenience, shopping, and unsought products. Let’s understand what the specialty products are in detail. What is a Specialty Product? A specialty product is a specific type of consumer product that has distinctive features and functionality with a remarkable brand image in … Read more

What is Shopping Product? Definition, Characteristics, Types, and Examples

Shopping Product

Shopping product is one of the types of consumer products and other includes convenience, specialty, and unsought products. Let’s understand what shopping products are, their characteristics, and their types. What is a Shopping Product? A shopping product is an infrequently purchased consumer product that demands customers to think about its price, quality, design, styles, and … Read more

What is Convenience Product? Definition, Characteristics, Types, and Examples

Convenience Product

What is a Convenience Product? A convenience product is a product that consumers frequently purchase, is inexpensive, and with little effort and time. Consumers require convenience products on a regular basis and they usually have prior knowledge about the products as such they think less while picking the products. Examples of convenience products include foods, … Read more