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The development or improvement of any product starts with an idea and estimation of how this product will be able to benefit consumers and satisfy their needs. Traditionally, new ideas are introduced by small businesses and entrepreneurs they aim to take their niche in the market focusing on growth and profitability ( 10.2 Where do product ideas come from?, n.d.). At the same time, medium and large companies should constantly present new products, extend lines, and develop already existing services or goods in order to stay competitive. This paper provides examples of product development categories that include new-to-the-market, new-to-the-company, the extension of product line, and the improvement of existing products.
An example of a new-to-the-market product that may be regarded as a service as well is worldwide known Instagram. It was launched in 2010 by Kevin Systrom and Mike Krieger inspired by the love of photography and technology (Evans, 2018). At that time, mobile photography was gaining popularity despite early phone cameras relatively low quality. In 2010, there were social sharing and photo-editing applications, however, there was no digital platform that could unite these options. Thus, Systrom and Krieger introduced Instagram that provided an opportunity to communicate, share photos, and improve them with the help of several integrated filters. This application came at the right time and was unique in the market.
A new-to-the-company product is Legit Lashes mascara introduced by Huda Kattan, an influencer, billionaire, and the owner of Huda Beauty company. Although her products were appreciated by millions of women all over the world, until 2020, the brand has been missing a fundamental: mascara (Street, 2020, para. 3). Although the product was highly desirable, there were multiple expectations associated with it Huda Beauty gained its popularity with high-quality false lashes, and Kattan stated that her mascara would be able to replace them. Thus, it took her four years of development and research to complete and introduce a beauty product that includes two halves with two different formulas for volume and curl and length. It may be regarded as definitely not new in the market but the first one for the company.
A considerable number of corporations, especially in the food and beverage industry, focus on the extension of their product lines, and the Coca-Cola Company is one of them. It regularly introduces new drinks in its Coca-Cola Zero Sugar line Georgia Peach and California Raspberry Coca-Cola, Diet Coke flavors, including twisted mango, feisty cherry, ginger lime, and zesty blood orange, Vanilla Coca-Cola, and many others (Mitrokostas, 2018). In 2018, the company announced the launch of its new limited Coca-Cola Zero Sugar Cinnamon a drink full of festive flavour and no sugar, perfect for the lead-up to Christmas (Mitrokostas, 2018, para. 2). According to Coca-Cola, the creation of this spice-flavored drink was determined by customers love of cinnamon that is associated with winter holidays.
The improvement of existing products frequently occurs in companies with a rich history when they aim to stay competitive. In the present day, Levis, one of the oldest American brands, has been managed to return its great financial performance due to appropriate development strategies, and the improvement of a product was one of them. The marketing department at Levi Strauss discovered that women prioritized comfort in clothes and wear yoga pants even to restaurants (Bergh, 2018). That is why womens denim line was redesigned with the use of new technologies such as four-way stretchfabric that recovers quickly and doesnt get baggy at the knees (a common problem with stretch jeans) (Bergh, 2018, para. 17). The already existing product was improved in response to peoples love of soft fabric, comfort, and stretch.
To conclude, any product development category starts with an idea. Both entrepreneurs and big corporations introduce or improve goods to overcome competitors or enter the market. At the same time, they all have the same strategy they prioritize consumers expectations and demands as a key to success. In other words, whether a product or a service is new or developed, it is designed to meet peoples needs.
References
10.2 Where do product ideas come from? (n.d.). Web.
Bergh, C. (2018). The CEO of Levi Strauss on leading an iconic brand back to growth. Harvard Business Review. Web.
Evans, G. (2018). Instagram: The dog that launched a social media giant. BBC News. Web.
Mitrokostas, S. (2018). Cinnamon Coca-Cola now exists in the UK and its here just in time for the holidays. Insider. Web.
Street, C. (2020). Legit Lashes: Huda beauty launches first mascara heres what we thought. Evening Standard. Web.
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